Walmart Says That Flipkart And PhonePe Could Be Worth $100 Billion In India

Walmart’s (WMT.N) Flipkart marketplace and PhonePe payments business in India could be worth $100 billion, the company’s chief financial officer said at an investor meeting on Wednesday. Both businesses are growing quickly.

Walmart doesn’t break out Flipkart and PhonePe sales, but in the past few months, executives have pointed to those two businesses as key to meeting its goal of doubling the amount of goods it sells in foreign markets to $200 billion in five years.

Walmart’s head of international has said before that India’s population of 1.4 billion people is a “significant” chance for the company.

Walmart said that its Flipkart business had double-digit sales growth in its most recent quarter, which finished on April 30. This was helped by new customers in some cities and a 50% rise in ad sales. In 2022, Flipkart was worth more than $40 billion, making it one of the most expensive startups in India.

Walmart also said that PhonePe’s performance was “really impressive” after it reached an annualised payment value of $1 trillion, led by the Unified Payments Interface, which is a very popular way for people in India to make instant, real-time payments.

The National Payments Corporation of India says that PhonePe had a 46% share of the payments market in December and that 400 million people have signed up to use it. Walmart gave this business a boost in March by putting in an extra $200 million at a pre-money value of $12 billion. This made it clear that it was the most valuable payments startup in India.

“It is not crazy to think that both of those businesses could be worth $100 billion in the future,” Walmart’s Chief Financial Officer John David Rainey said.