A year after Walmart acquired India’s leading e-tailer Flipkart, Binny Bansal, the co-founder of the online retailer, has sold around 54 lakh of his equity shares valued at Rs 531 crores to the global retail giant’s Luxembourg entity FIT Holdings. Walmart, the world’s largest retailer, acquired Flipkart for about $16 billion last year. Walmart is the world’s biggest retailer. The company, two years ago, opened an online platform without a physical store. In India, Walmart generates nearly half its sales from outside its big-box cash-and-carry stores either through members directly ordering online or the sales force visiting B2B members for orders.
Walmart expects business in India to get easier. In India, Walmart doesn’t sell directly to consumers and is an organised wholesaler or cash-and-carry operator that sells merchandise to kirana stores, hotels and catering firms. There are an estimated 10 million kirana stores in India and a large part in the hinterland. The company operates 24 Best Price wholesale stores across nine states opened over the past decade. With a focus on Tier II and III cities to open more outlets, the company plans to double store count in the next few years including six new stores in Andhra Pradesh and Telangana.