New Delhi: India, one of the top retail markets globally along with the US and China, has its own rules that need to be fulfilled, said Doug McMillion, President and CEO at the largest retailer in the world, Walmart.
McMillon’s comments came at the time of a foreign-funded e-tailer in India, including the Amazon and Walmart flipkart, facing increasing regulatory supervision in India.
“India is a very diverse market, it’s not a country in a number of things and so we have to think locally and carry out locally, and have their own rules, and we must obey the rules,” he said.
While Walmart was not permitted to make foreign direct investments in the multi-brand retail brick and mortar in India, McMillon said the Indian market would surpass the trillion dollars in 2025.
“I think we have seen and will see generations and will see -skiping in India, What will be interesting and some of these learning, we will bring back to other markets that we have, “he said.
McMillon said Flipkart and Payment of Digital Company Phonepe swept in a high number of users.
“The Flipkart business has now reached more than 300,000 market sellers, and the Phoneeepe business has more than 300 million users, which is only an extraordinary amount and both grow very well …” he said.
Walmart Bentonville-headquartered to pay $ 16 billion for 77% of the shares in Flipkart in 2018.
Flipkart, which was set for IPO recently collected $ 3.6 billion in appraisal of around $ 37 billion.