US-based Walmart Inc. is planning to deploy cash and cash equivalents worth $1.2 billion (Rs 8,337 crore at current exchange rate) for funding the operations of its Bengaluru-based e-commerce platform Flipkart, the retail giant said in filings with the US Securities and Exchange Commission (SEC) last week. Walmart had acquired homegrown e-commerce company Flipkart for $16 billion last year, hotting up the battle with Amazon for the Indian e-commerce market.
Harnessing Flipkart’s expertise in progressive web applications, Walmart announced last December its plans to deploy the e-commerce platform’s technical capabilities in order to improve the shopping experience of Walmart patrons globally. Walmart finance chief Richard Mayfield said earlier this week that the retail giant will look to leverage Flipkart’s payments platform PhonePe in markets like the US and Mexico.
(picture source: Techiexpert)