New Delhi: A week after Flipkart said that it had raised $1.2 billion from a group of investors led by Walmart, it has acquired Walmart India for an undisclosed amount and will launch ”Flipkart Wholesale” next month, said a company statement on Thursday.
The country has a $650 billion business-to-business (B2B) retail market and the e-commerce major is looking to tap into it, Hindustan Times (HT) reported.
Flipkart Wholesale is a new digital marketplace with focus on the B2B segment in India.
Walmart India runs 28 Best Price wholesale stores in the country.
“This marketplace is going to effectively link sellers and manufacturers on one end and ‘kiranas’ and micro, small and medium enterprises (MSMEs) on the other end,” Flipkart senior vice president and head-Flipkart Wholesale Adarsh Menon, HT reported quoting Press Trust of India (PTI).
“The acquisition will help strengthen the capabilities to address the requirements of ‘kirana’ stores and MSMEs, he said. It will further intensify competition with Flipkart’s rival Amazon that has a similar offering for the B2B segment,” Menon was quoted as saying by HT.
It is important to note that Walmart India business employees will join the Flipkart Group and the home office teams will integrate over the next year, both the companies said in a statement, reported HT.
New Delhi: The BJP-led NDA government will introduce 15 bills, including one to amend the…
Bhubaneswar: A newborn baby, who was allegedly sold by her parents in Odisha's Balangir district,…
Mumbai: Exit polls have given Bharatiya Janata Party-led Mahayuti alliance an edge in the neck-to-neck…
Cuttack: The Orissa High Court has put the BDA's order for demolition of controversial Shree…
New York: Amid reports of deteriorating health of astronauts Sunita Williams and Butch Wilmore, it…
Mumbai: South superstar Prabhas has surpassed Bollywood King Khan Shah Rukh and ‘Dabangg’ Salman Khan…
Jajpur: Police on Thursday arrested 10 persons in connection with the alleged attack on MLA…
Bhawanipatna: Five year after the rape of a woman, Dharamgarh Additional District and Session court…