MUMBAI, May 10 (Xinhua) -- Walmart Inc on Thursday said it will continue to grow its wholesale cash-and-carry business in India, a day after announcing its big deal which involves a 16 billion U.S dollars investment in India's largest online retailer Flipkart.
"We currently have 21 stores and plan to open 50 stores in four to five years. Plans are on track," Walmart India President and CEO Krish Iyer said at a select media roundtable.
"We have a pipeline of 20 stores and we expect to open five stores in the current year and then pick up pace and eventually start opening 12-15 stores a year," Iyer said.
"This investment is of immense importance for India and will help fuel our ambition to deepen our connection with buyers and sellers and to create the next wave of retail in India," said Binny Bansal, one of the original founders of Flipkart.
"Walmart is the ideal partner for the next phase of our journey, and we look forward to working together in the years ahead to bring our strengths and learnings in retail and e-commerce to the fore," he added.
For the broader tech and startup ecosystem in India, this is a watershed moment, said Ritesh Banglani, Stellaris Venture Partners, an early-stage venture capital fund.
India's first billion-dollar cash exit not only validates the size and growth of online domestic consumption, but also the ability of Indian entrepreneurs to out compete global tech companies, said Banglani, adding that this will be the first of many such exits from Indian VC-funded startups in the next decade.
"India is one of the most attractive retail markets in the world, given its size and growth rate, and our investment is an opportunity to partner with the company that is leading transformation of e-commerce in the market," said Doug McMillon, Walmart's President and Chief Executive Officer, in a statement.