Business
India has its own rules that need to be complied with: Walmart President & CEO, Doug McMillon
NEW DELHI: India, one of the top retail markets globally along with the US and China, has its own rules that need to be complied with, said Doug McMillion, president and CEO at the world’s largest retailer, Walmart.
McMillon’s comments come at a time when foreign-funded e-tailers in India, including Amazon and Walmart-owned Flipkart, are facing heightened regulatory scrutiny in India.
“India is such a diverse market, it’s not one country in some ways and so we have to think local and execute locally, and it has its own rules, and so, we’ve got to comply with those rules,” he said.
While Walmart is not allowed to make any foreign direct investment in brick-and-mortar multi-brand retail in India, McMillon said the Indian market is set to surpass a trillion dollars by 2025.
“I do think we have seen and will see generation-skipping in India, which will be exciting and some of those learnings, we will bring back to other markets that we have,” he said.
McMillon said both Flipkart and digital payments company PhonePe are raking in a high number of users.
“The Flipkart business now has reached over 300,000 marketplace sellers, and the PhonePe business has more than 300 million users, which is just an amazing number and both are growing very well…,” he said.
Bentonville-headquartered Walmart paid $16 billion for a 77% stake in Flipkart in 2018. Flipkart, which is set for an IPO recently raised $3.6 billion at a valuation of around $37 billion.
McMillon’s comments come at a time when foreign-funded e-tailers in India, including Amazon and Walmart-owned Flipkart, are facing heightened regulatory scrutiny in India.
“India is such a diverse market, it’s not one country in some ways and so we have to think local and execute locally, and it has its own rules, and so, we’ve got to comply with those rules,” he said.
While Walmart is not allowed to make any foreign direct investment in brick-and-mortar multi-brand retail in India, McMillon said the Indian market is set to surpass a trillion dollars by 2025.
“I do think we have seen and will see generation-skipping in India, which will be exciting and some of those learnings, we will bring back to other markets that we have,” he said.
McMillon said both Flipkart and digital payments company PhonePe are raking in a high number of users.
“The Flipkart business now has reached over 300,000 marketplace sellers, and the PhonePe business has more than 300 million users, which is just an amazing number and both are growing very well…,” he said.
Bentonville-headquartered Walmart paid $16 billion for a 77% stake in Flipkart in 2018. Flipkart, which is set for an IPO recently raised $3.6 billion at a valuation of around $37 billion.
