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Flipkart offers groceries in 1, cities and towns and aims to take its offering to 2, more towns by mid-next year. Fresh fruits and vegetables will be an integral part of the expansion, with the company investing in technology capabilities to ensure the highest and most stringent quality checks for the end consumer.
Flipkart is also working to bring efficiencies in the community e-grocery shopping model. The company has intensified its focus on partnering with Farmer Producer Organizations FPOs to provide access to high-quality fresh produce, staples, pulses, and spices, bringing new revenue opportunities to farmer communities across the country. Ninjacart works closely with the farmers and has till date helped over one lakh farmers across villages to generate better revenues.
Its supply chain technology has helped solve problems such as distribution inefficiency and price risk. India is at a cusp of formalising the agriculture industry, with the advent to better road connectivity, GST, seamless payments, digital infrastructure, etc. This opens up a tremendous opportunity to organise our agri- ecosystem landscape like never before.
We are investing in this huge potential to create value," Ninjacart co-founder and Chief Executive Officer Thirukumaran Nagarajan said. According to the statement, Flipkart Ltd incorporated in Singapore has filed with the ACRA Singapore for conversion to a public company, which is a mandatory procedure for all companies where the number of shareholders exceeds Since no e-commerce company in the country is listed, they hardly ever publicised their fund raising till recently.
While talk of mega bucks being raised from foreign investors brought e-commerce in the bracket of big league, it also meant a fair share of controversy to the players. Among other things, the foreign investment going into these companies has been under scrutiny. Most e-commerce entities in India are operating the marketplace model. Tax issues have also been raised in some states for hosting traders and keeping their inventory in some cases.
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This investment will further accelerate Ninjacart's journey towards building technology and infrastructure to organise, empower and enhance the lives of millions of Agri value chain participants including farmers, resellers, retailers, consumers, and supply chain participants, a statement said.
Ninjacart has been investing significantly in tech platforms and supply chain infrastructure over the past two years. As a homegrown company, we have constantly focused on creating the right infrastructure and technological solutions that support local farmers, producers, and food processors.
With this investment, we are further able to strengthen our grocery footprint and offering as consumers across the country throng to e-grocery for quality and affordable options in the fresh category," Flipkart Group Chief Executive Officer Kalyan Krishnamurthy said. He added that Flipkart's investment and partnership in Ninjacart over the years is a testament to the continued commitment and success it has seen in the endeavour to create a democratic and organised agriculture market.
Flipkart offers groceries in 1, cities and towns and aims to take its offering to 2, more towns by mid-next year. Fresh fruits and vegetables will be an integral part of the expansion, with the company investing in technology capabilities to ensure the highest and most stringent quality checks for the end consumer. Flipkart is also working to bring efficiencies in the community e-grocery shopping model. The company has intensified its focus on partnering with Farmer Producer Organizations FPOs to provide access to high-quality fresh produce, staples, pulses, and spices, bringing new revenue opportunities to farmer communities across the country.
Upon closing, Flipkart's financials will be reported as part of Walmart's International business segment. Given the company's financial strength, we anticipate the continuation of our current share buyback program while maintaining our strong credit profile. This investment represents a unique opportunity in a market with significant long-term growth prospects. Walmart is investing in a local leader with strong leadership and a culture of innovation and service, and the company is aligned with a strategic and committed shareholder group focused on serving customers.
In the mid to long term, as the business scales and efficiencies are realized, Walmart expects losses to decline and returns to improve. Partnering to Contribute to India As Walmart scales in India, the company will continue to partner to create sustained economic growth across agriculture, food and retail.
Future investments will support national initiatives and will bring sustainable benefits to the country, including: Job creation, as plans would create jobs through development of supply chains, commercial opportunity and direct employment. Supporting small business and 'Make in India,' through direct procurement as well as increased opportunities for exports through global sourcing and eCommerce.
Among other initiatives, Walmart will partner with kirana owners and members to help modernize their retail practices and adopt digital payment technologies. Support farmers and develop supply chains through local sourcing and improved market access. Reduced food waste by improving waste management practices and investing in supply chains, especially cold storage. Investment Community Call Walmart will host a conference call for analysts and investors at a. CDT and p. Along with this press release, an accompanying presentation can be accessed here.
The conference call will be webcast live and accessible by following this link. The webcast will be archived and available beginning at approximately noon CDT on May 9. Advisers J. LLC acted as exclusive financial advisor to Flipkart. About Walmart Walmart Inc. NYSE: WMT helps people around the world save money and live better - anytime and anywhere - in retail stores, online, and through their mobile devices. Each week, nearly million customers and members visit our more than 11, stores under 65 banners in 28 countries and eCommerce websites.
Walmart continues to be a leader in sustainability, corporate philanthropy and employment opportunity.
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