Tue. Sep 29th, 2020

Fxtriangle | Market analysis | Managed trading

Fxtriangle will make Fx trading look easy.

Flipkart’s GMV exceeds pre-covid levels

2 min read

US retail giant Walmart on Tuesday said that since reopening of India’s lockdown to curb the covid-19 menace, Flipkart’s gross merchandise value (GMV) has exceeded pre-covid levels.

“Flipkart reopened in mid-May and we saw GMV increasing pre-covid levels,” said Doug McMillon, Walmart’s president and CEO, as part of the retail giant’s second quarter (May-July) earnings call.

Walmart follows the February to January period as its financial year.

“Walmart International’s net sales were $27.2 billion, a decrease of 6.8%. Changes in currency rates negatively affected net sales by approximately $2.4 billion. Excluding currency , net sales would have been $29.6 billion, an increase of 1.6%. Net sales included the effects of the government-mandated closure of the company’s Flipkart business in India for a portion of the quarter, as well as similar actions in markets in Africa and Central America,” said a Walmart statement.

Just last month, Flipkart Group announced that it is set to receive a fund infusion of $1.2 billion led by majority owner Walmart, along with a group of existing shareholders, for its e-commerce business.

The investment valued the Flipkart Group at $24.9 billion in post-money valuation, with funds expected to come across in two tranches over the remainder of the fiscal.

Along with this, the same month, Flipkart Group also acquired 100% stake in Walmart India Pvt Ltd, which also operates the Best Price cash-and-carry business, and has launched Flipkart Wholesale, a new digital marketplace.

Flipkart Wholesale was expected to launch its operations this month, while piloting services for the grocery and fashion segment.

During its first quarter results, Walmart had said that its net sales for its international business was impacted as its Indian subsidiary Flipkart was unable to make non-essential deliveries during the virus lockdown.

Leave a Reply

Forex trading and any instruments related to Foreign Exchange Market are Speculative and carry substantial risk of loss of either partial equity or the entire deposit amount. Leverage adds up to the risk, before considering to invest in this venture, you should first consider your financial position and may seek the help of an independent financial advisor. FXtriangle dis-recommends the usage of loan instruments to trade in this market as it can hamper financial position. Please do not invest the money that you cannot afford to lose. FXtriangle provides all its services throughout the Globe Excluding (Nigeria, British Virgin Island & the Islamic Republic of Iran) and also provides limited service in some jurisdictions where investment in Overseas markets / Fx Exchanges are prohibited by Law If you are not sure to contact us before using any of our services. FXtriangle acts as an Independent Corporate Financial Advisor and connects you to various overseas exchanges and cannot be held liable for any financial damage occurring through their side. All of our partnered institutions are regulated in various jurisdictions.FXtriangle conducts an independent background check before partnering with any institutions to fulfill your investment objectives smoothly. The usage of our Business name, Logo or any trademark in any financial forum, website, review website, complaint arena, Billboards without our written permission will attract lawsuits.