US retail giant Walmart has said it is "open to an IPO" for its Indian e-commerce arm Flipkart but there is "no specific timeline" for the share sale. Both Flipkart and payment app PhonePe continue to do well, Walmart International president and CEO Judith McKenna said while speaking at the DB Access Global Consumer Conference on June 7. "We always made it clear from the day we made the acquisition or the investment, that we would be open to an IPO," said McKenna. However, she noted that there is no specific timeline for the IPO.
The appointment will be effective January 20, 2014, the company said in a statement.
'Walmart will source globally and more from China and will dump these cheap goods in India, making our country a dumping yard.'
It entered India in 2006, with the aim of tapping the promising consumer market.
Bentonville-based Walmart has also raised apprehensions about the ongoing probe by investigating agency Enforcement Directorate, said an internal note of the Department of Industrial Policy and Promotion.
Bharti Walmart on Monday denied allegations that it spent money in India to gain market access.
Walmart, the world's largest retailer, is hoping to get more than 30,000 consumers through its e-commerce pilot project that will be launched in the first week of July.
Walmart acquired Bharti's 50 per cent stake in the wholesale joint venture.
Walmart is likely to buy stakes of multiple Flipkart investors, including that of Tiger Global Management and Softbank to end up with a significant majority holding
CAIT had last month also filed a petition in National Company Law Appellate Tribunal (NCLAT) against the Competition Commission of India's decision to approve the deal.
Walmart is getting embroiled in one controversy after the other in India. Political parties in opposition are already rallying against FDI in retail. Can it still manage to launch its retail business successfully in the country?
Walmart is waiting to understand as to how much multibrand retail might or might not move forward.
The retail giant tries to strengthen its e-commerce presence, sensing competition globally
The chain readies to expand its footprint as Bharti focuses on its retail venture.
In the shadows of a sliding rupee, India's knitwear hub Tiruppur is weaving a success story. While the domestic currency edges closer to the 86 mark against the US dollar, triggering concerns for many sectors, this textile town in Tamil Nadu is finding opportunity in adversity: Between April and December alone, Tiruppur's exports reached Rs 26,000 crore, almost eclipsing last financial year's total of Rs 30,690 crore.
'The favourable rupee-dollar exchange rate, there are opportunities we can tap.'
'If Walmart is a physical retailer, why is it striking a deal with Flipkart for the online space?'
Ever since the deal was announced of Walmart spending over $16 bn for a 77 per cent stake in Flipkart, the road to the takeover of India's biggest online marketplace has been quite bumpy
Walmart-owned digital payments firm PhonePe has decided to halt its proposed acquisition of Goldman Sachs- and Xiaomi-backed ZestMoney, a Bengaluru-based buy now, pay later (BNPL) platform. The deal, which was poised to fetch anywhere between $150-200 million and $300 million, has hit a snag over lapses in due diligence, disagreements over valuation, sustainability of the business, and shareholding structure of ZestMoney, according to people familiar with the matter. The collapse of the deal is also being attributed to a slowdown in the financial technology (fintech) sector in the midst of a funding winter, difficult regulatory environment, and macroeconomic uncertainty, informed other sources.
Given a history of labour issues, the latest protest in US Walmart stores is important.
Ecommerce firm Amazon has infused ~1,600 crore into its India entity Amazon Seller Services, according to its regulatory filings. The funding comes at a time when the company is seeing opportunities in emerging geographies, including India. The regulatory filings are dated April 15. This is the second time in five months that Amazon invested in its India arm Amazon Seller Services. Before this, Amazon had infused over ~1,000 crore into its Indian entity this year.
A leading Brazilian poultry company has also expressed keen interest in joining hands with Kishore Biyani's Future Group to sell their products in the country
Fresh capital will help Flipkart further grow its e-commerce marketplace in India as the world's second-largest internet market begins to recover from the COVID-19 crisis.
In its latest lobbying disclosure report filed with the US Senate and the House of Representatives for the quarter ended March 31, 2013, the various lobbying issues of Walmart during the period included 'discussions related to FDI (Foreign Direct Investment) in India'.
If Walmart is spinning success stories of Indian manufacturers in global markets, Amazon is taking 'Make in India' to the world, bolstered by its 'Global Selling Programme'
Flipkart will need $2 bn annual profit to make Walmart investment viable, which will mean yearly revenue of $100 bn
The government will initiate fresh action against Walmart if an ongoing 'foreign corrupt practices' probe by US authorities reveals any violation in India by the global retail giant.
While the world's largest retail chain is calling it a promotion, experts said the group may be looking at a new growth strategy for Asia.
Online play is a priority now -- so far unthinkable in a business that's all about a meaningful interface with kirana stores.
The company launched its first store in Amritsar in May, 2009.
Sellers, especially the smaller ones, are planning to go to court as well as move CCI as they fear that Walmart could bring multiple private labels in India and flood the e-commerce platform with its own products.
'India has a lot of potential, not just in commercial aspects, but also in hiring of people and sourcing of products.'
While the talks are still at a preliminary stage, sources said major retail players had held discussions with Amazon
In a filing with the US Security and Exchange Commission on Friday, Walmart said it would allow the initial public offering of Flipkart in four years at a valuation no less than what it invested in the e-commerce firm, if a grouping of minority shareholders asks for it.
The new deal will value Flipkart at close to $19 billion on the secondary market, a huge jump from Walmart's initial offer to investors.
Sources say the US retail giant's chief reluctant to meet again after Nov 1 meeting was cancelled
In a move that is being seen as a snub to Walmart, Commerce and Industry Minister Anand Sharma on Thursday cancelled a meeting with US retail giant's Asia head Scott Price.
PhonePe wants to dethrone its Alibaba and SoftBank-backed rival, Paytm, claiming that additional capital that Walmart will bring to the table will help it grow much faster
... catch up with Blinkit, Swiggy Instamart and Zepto...
Global retail giant Walmart - waiting for years to open its supermarkets in India -- has been lobbying with the US lawmakers since 2008 to facilitate its entry into the highly lucrative Indian market.
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