Bullish on quick commerce, says Walmart CEO John Furner at Flipkart townhall
Addressing a townhall at ecommerce company Flipkart in Bengaluru earlier this week, Walmart president and CEO John Furner, who is on his three-day maiden visit to India, said the US-based retailer was bullish on quick commerce in the country.
Quick commerce is a global trend, he noted, as the business for Walmart picks up pace in China and the US. Flipkart’s 10-minute grocery delivery platform Minutes is undertaking aggressive expansion of its network as it looks to take on quick commerce incumbents Blinkit, Zepto, and Swiggy Instamart, apart from long-time rival Amazon.
Furner, who is in New Delhi on Thursday, is expected to meet Prime Minister Narendra Modi following Walmart’s flagship event here. Apart from Flipkart, he also spent time at digital payments company PhonePe in Bengaluru earlier this week.
His visit comes as both Flipkart and PhonePe plan their public listings in India. PhonePe, in which Walmart owns over 70% stake, decided in March to push back its $1.3-billion initial public offering (IPO), on account of a mismatch in valuation expectations with institutional investors.
Flipkart, in which Walmart holds almost 80%, is also planning to go public sometime next year. However, over the past six months, the ecommerce marketplace has seen a series of senior leadership exits, including of its group CFO Sriram Venkatraman and Nandita Sinha, CEO of Myntra, Flipkart’s only profitable unit.
Speaking at Walmart Growth Summit, the second edition of its flagship event for global suppliers, MSMEs, and sellers on Flipkart’s marketplace, Furner said that the company has already sourced over $40 billion worth of goods from India.
“(We) are focussed on strengthening entrepreneur and supplier capabilities, raising compliance and quality standards, and helping scale manufacturing so more Indian businesses are ready to export,” Furner said. He formally took over as Walmart CEO on February 1, succeeding Doug McMillon.
Also addressing the event, Flipkart group CEO Kalyan Krishnamurthy said, “At Flipkart Group, we have seen firsthand how technology and digital commerce can unlock opportunities for millions of small businesses, entrepreneurs, artisans, and local communities across India. Our focus continues to be on building an inclusive and empowering commerce ecosystem for India.”
Flipkart launched its quick commerce arm Minutes in August 2024. After a slow and calculative focus on the vertical’s expansion, the company is now aggressively expanding its store network.
Minutes had 750-800 dark stores as of March. The company has been adding around 100 stores a month, and by June it would reach 1,200 stores, on par with rivals Zepto and Instamart.
Quick commerce is a global trend, he noted, as the business for Walmart picks up pace in China and the US. Flipkart’s 10-minute grocery delivery platform Minutes is undertaking aggressive expansion of its network as it looks to take on quick commerce incumbents Blinkit, Zepto, and Swiggy Instamart, apart from long-time rival Amazon.
Furner, who is in New Delhi on Thursday, is expected to meet Prime Minister Narendra Modi following Walmart’s flagship event here. Apart from Flipkart, he also spent time at digital payments company PhonePe in Bengaluru earlier this week.
His visit comes as both Flipkart and PhonePe plan their public listings in India. PhonePe, in which Walmart owns over 70% stake, decided in March to push back its $1.3-billion initial public offering (IPO), on account of a mismatch in valuation expectations with institutional investors.
Flipkart, in which Walmart holds almost 80%, is also planning to go public sometime next year. However, over the past six months, the ecommerce marketplace has seen a series of senior leadership exits, including of its group CFO Sriram Venkatraman and Nandita Sinha, CEO of Myntra, Flipkart’s only profitable unit.
Speaking at Walmart Growth Summit, the second edition of its flagship event for global suppliers, MSMEs, and sellers on Flipkart’s marketplace, Furner said that the company has already sourced over $40 billion worth of goods from India.
“(We) are focussed on strengthening entrepreneur and supplier capabilities, raising compliance and quality standards, and helping scale manufacturing so more Indian businesses are ready to export,” Furner said. He formally took over as Walmart CEO on February 1, succeeding Doug McMillon.
Also addressing the event, Flipkart group CEO Kalyan Krishnamurthy said, “At Flipkart Group, we have seen firsthand how technology and digital commerce can unlock opportunities for millions of small businesses, entrepreneurs, artisans, and local communities across India. Our focus continues to be on building an inclusive and empowering commerce ecosystem for India.”
Flipkart launched its quick commerce arm Minutes in August 2024. After a slow and calculative focus on the vertical’s expansion, the company is now aggressively expanding its store network.
Minutes had 750-800 dark stores as of March. The company has been adding around 100 stores a month, and by June it would reach 1,200 stores, on par with rivals Zepto and Instamart.
Next Story