Walmart India, wholly-owned subsidiary of US-based Walmart Inc. which owns and operates 21 Best Price Modern Wholesale stores in the country, has announced the financial results for fiscal 2017.
During the period under review, the retailer reported a 27 per cent decline in its losses to Rs. 75 crores. However, it reported a 10 per cent growth in revenue in the reporting fiscal.
The company reported a total revenue of around Rs. 3,641 crores in the reporting fiscal while expenses stood at Rs. 3,716 crores.
American retail mammoth Walmart, which is focussed to build ‘foundation for future growth not profitability’ in India, is also likely to ink a deal to finally buy a stake in Softbank-backed Indian e-commerce retailer Flipkart soon.
The Walmart-Flipkart deal would pose a serious challenge to Amazon India as Flipkart would be better positioned to give an even tougher competition to it.
With this deal at around US $ 12-15 billion, Walmart aims to take on its US arch-rival Amazon in the Indian market. Earlier, reports emerged that Amazon too is willing to acquire stakes in Flipkart which is its biggest competitor in India.
Notably, Walmart has its plans in place to increase its physical retail store count in India to 70 by 2022. It currently operates 21 Best Price wholesale stores in 9 states.
With an aim to speed up its retail operations in India, Walmart inaugurated its first fulfilment centre (FC) in Bhiwandi near Mumbai last year.
Krish Iyer, President, Walmart India once stated that India has emerged as the most attractive market at a time when various nations across the globe are going through an economic slowdown.