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Walmart’s Indian Bet: E-commerce and Sourcing Power Next Wave of Global Growth
Economy, Market News - June 25, 2025

Walmart’s Indian Bet: E-commerce and Sourcing Power Next Wave of Global Growth

Walmart’s Indian Bet: E-commerce and Sourcing Power Next Wave of Global Growth

CEO Doug McMillon emphasizes India’s rapid growth in digital commerce and its strong sourcing capabilities as key drivers of Walmart’s global growth strategy.

Summary
Walmart CEO Doug McMillon, along with the company’s global leadership team, considers India a key engine for propelling its international growth strategy. With e-commerce—especially quick commerce—surging, and India’s sourcing ecosystem maturing, Walmart is leveraging its Flipkart investment and local partnerships to tap into a market projected to reach a $1 trillion internet economy by 2030. This strategy is reshaping Walmart’s global business, driving innovation, and reinforcing India’s role as a cornerstone of the retail giant’s future.

Introduction
Walmart, the world’s largest retailer, is making bold moves in India. CEO Doug McMillon and his leadership team have consistently referred to India as one of the most dynamic and strategically important markets on the global stage. As the Indian e-commerce sector accelerates, with quick commerce and digital payments gaining momentum, Walmart is doubling down on its investments, partnerships, and sourcing initiatives to fuel both its domestic and international growth.

India: The Heart of Walmart’s International Strategy
India’s retail landscape is unique—a vast, diverse consumer base, rapidly growing internet penetration, and a thriving small business ecosystem. Walmart has recognized these dynamics, positioning India as a central pillar of its international strategy, alongside China and Mexico.
• Market Opportunity: India’s e-commerce industry is expected to expand at a compound annual growth rate (CAGR) exceeding 10%, rising from $67 billion in 2025 to approximately $99 billion by 2029.
• Population Advantage: With 1.4 billion people, India offers unmatched scale for digital commerce.
• Low Online Penetration: Despite rapid growth, online retail penetration is still under 10%, leaving significant room for expansion.
Walmart’s $16 billion acquisition of Flipkart in 2018 was a transformative move that cemented its entry into India’s rapidly growing digital commerce space. Since then, it has steadily expanded its investments across e-commerce, integrated retail experiences, and advanced supply chain infrastructure.

Quick Commerce: The New Growth Frontier
One of the most transformative trends in Indian e-commerce is the rise of quick commerce—ultra-fast delivery of groceries and essentials, often within minutes. Kathryn McLay, Walmart’s international CEO, recently highlighted that quick commerce now accounts for nearly 20% of India’s e-commerce market and is expanding at a rapid pace of at 50% annually.
Flipkart’s Role: Flipkart, Walmart’s flagship Indian platform, is at the forefront of this quick commerce revolution, leveraging its logistics and technology to meet evolving consumer expectations.
• Strategic Bet: Walmart is prioritizing growth and market share in this segment, even if it means sacrificing short-term profitability—a clear signal of its long-term commitment to India.

Sourcing: India as a Global Supply Hub
Beyond online retail, Walmart is tapping into India’s manufacturing capabilities and vibrant entrepreneurial ecosystem. The company has set ambitious targets to triple its exports of Made-in-India goods to $10 billion annually by 2027. This includes a focus on:
• Supporting MSMEs: Walmart supports initiatives aimed at micro, small, and medium enterprises, as well as artisans, farmers, and women-led businesses, enabling them to modernize operations and reach international markets.
• Building Supply Chains: The company is strengthening logistics and supply chain capabilities to support both domestic and international operations.
This dual approach—boosting local economic opportunity while integrating Indian suppliers into Walmart’s global ecosystem—creates shared value for Walmart, its partners, and the broader Indian economy.

Digital Transformation and Marketplace Momentum
Walmart’s digital transformation is not limited to India, but the country is a proving ground for its global e-commerce ambitions. As of mid-2025, Walmart Marketplace surpassed 200,000 active sellers, with record onboarding rates and a rapidly expanding product catalog. Flipkart’s innovations in mobile commerce, payments (via PhonePe), and logistics are setting new benchmarks for Walmart’s operations worldwide.
• Marketplace Model: Over 95% of Walmart’s online listings now come from third-party sellers, reflecting a shift from traditional retail to a platform-based approach.
• Innovation Transfer: Learnings from India’s digital leap are being adapted and applied to other Walmart markets, driving a new era of tech-enabled retail.

Conclusion
Walmart’s focus on India’s e-commerce and sourcing potential is reshaping its global business strategy. By investing in Flipkart, quick commerce, and local supply chains, Walmart is not only capturing a share of India’s booming digital economy but also creating a template for innovation and growth worldwide. As India’s internet economy races toward the $1 trillion mark, Walmart’s commitment to local partnerships and digital transformation ensures it will remain at the heart of this retail revolution.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Omnitech Engineering Set to Raise ₹850 Crore Through IPO for Expansion Drive

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Walmart’s Indian Bet: E-commerce and Sourcing Power Next Wave of Global Growth
IPO research, Market News - June 24, 2025

Swiggy’s Financial Turnaround: Losses Narrow, Quick Commerce Surges in 2024

Swiggy’s Financial Turnaround: Losses Narrow, Quick Commerce Surges in 2024

India’s food delivery giant Swiggy slashes annual losses by 30% as quick commerce arm Instamart drives record growth, but competition and expansion keep profitability elusive.

Swiggy’s Financial Performance in 2024
Swiggy’s financial results for calendar year 2024 mark a pivotal moment for the company. According to a recent update from key investor Prosus, Swiggy’s adjusted EBITDA loss shrank by 30%, dropping to $182 million from $261 million the previous year. This turnaround is particularly noteworthy given the company’s continued heavy spending on its quick commerce arm, Instamart.
The company’s Gross Order Value (GOV) rose by 29% year-on-year, propelled by robust growth in both food delivery and the rapid expansion of quick commerce services. In Q1 FY 2025, Swiggy’s gross order value (GOV) jumped by almost 40% y-o-y, driven by an 18% rise in food delivery and a remarkable 101% growth in its quick commerce segment.

Quick Commerce: The Growth Engine
Instamart, Swiggy’s quick commerce vertical, has emerged as the primary driver behind the company’s improved financials. Instamart posted a 101% year-on-year increase in GOV during Q4 FY25, touching ₹4,670 crore. This growth was supported by the addition of 316 new dark stores—more than the total added in the previous eight quarters combined—and expansion into 124 cities.
The average order value on Instamart also increased by 13% to ₹527 in the fourth quarter, indicating higher consumer engagement and larger basket sizes. Swiggy’s management attributes this rapid expansion to strategic investments in market reach, store network, and differentiated offerings such as Maxxsaver and Megapods, which are designed to enhance customer experience and operational efficiency.

Expansion and Innovation
Swiggy’s rapid expansion in quick commerce goes beyond just opening new stores. The company has introduced several new initiatives to attract and retain customers:
• Bolt: Since its October debut, Bolt has contributed close to 9% of Swiggy’s total food delivery volume, helping attract new users and increase average order values.
• Snacc: A 10-minute food delivery service, catering to the growing demand for ultra-fast deliveries.
• Swiggy Scenes: A new feature focusing on restaurant event reservations, similar to Zomato’s dine-out offerings.
• Premium Subscription (One BLCK): Targeting high-value customers with exclusive benefits.
These innovations, along with a focus on segmented offerings and new categories within quick commerce, have helped Swiggy capture more consumption occasions and diversify its revenue streams.

Financial Headwinds: Losses Remain High
Despite narrowing its adjusted EBITDA loss, Swiggy’s overall net losses remain substantial. In Q4 FY 2025, the company posted a net loss of ₹1,081 Cr—almost twice the ₹554 Cr loss recorded in the year-ago quarter. For the full fiscal year, Swiggy’s loss widened by 33% to ₹3,117 crore, even as consolidated operational revenue grew 35% to ₹15,227 crore.
The primary reason for these persistent losses is the company’s aggressive investment in expanding its quick commerce footprint. Swiggy’s expenses have surged, driven by infrastructure development, logistics enhancements, and marketing costs necessary to compete in a market characterized by intense rivalry and rapid innovation.

IPO and Shareholder Movements
Swiggy’s financial journey in 2024 was also marked by a successful public market debut. The company completed a ₹11,400 crore ($1.37 billion) IPO in November, with Prosus reducing its stake to 24.8% and realizing $2.8 billion in value from its original holding. This influx of capital has enabled Swiggy to accelerate its growth initiatives, particularly in quick commerce.

Competitive Landscape and Future Outlook
Swiggy’s rapid expansion comes amid heightened competition from rivals such as Zomato, Blinkit, and Zepto, all vying for dominance in the quick commerce space. The sector is witnessing a phase of rapid innovation, with companies racing to offer faster deliveries, broader product assortments, and deeper market penetration.
Swiggy’s CEO Sriharsha Majety remains optimistic, emphasizing the company’s focus on balancing food delivery margin expansion with growth investments in quick commerce. The company aims to double its quick commerce business space in the second half of FY25, signaling continued momentum in store additions and market coverage.

Conclusion
The company’s 2024 performance reflects the significant role quick commerce is playing in transforming India’s digital landscape. By narrowing its losses and doubling down on Instamart, Swiggy has positioned itself as a formidable player in both food delivery and grocery segments. However, the path to sustained profitability remains challenging, with high operational costs, ongoing investments, and fierce competition shaping the road ahead.
As Swiggy continues to innovate and expand, its ability to balance growth with financial discipline will determine its long-term success in the evolving Indian market.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Kalpataru Secures ₹708 Crore from Anchor Investors!

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Shiprocket Eyes ₹2,400 Cr as IPO Plans Take Flight
Market News - May 23, 2025

Shiprocket Eyes ₹2,400 Cr as IPO Plans Take Flight

Shiprocket Eyes ₹2,400 Cr as IPO Plans Take Flight

 

Shiprocket, a leading logistics technology company in India, has confidentially submitted its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI), signaling its plans to raise up to ₹2,400 crore through an Initial Public Offering (IPO). This move marks a critical milestone in the company’s ambition to expand its footprint in India’s rapidly growing e-commerce logistics market.

What is Confidential DRHP Filing?

Confidential filing allows companies to submit IPO-related documents to SEBI without immediately revealing financial and operational details to the public. This route offers companies like Shiprocket the flexibility to get early feedback from regulators and refine their IPO disclosures before the formal launch. It also helps protect sensitive business information during this crucial preparatory phase.
This approach has been adopted recently by several Indian startups preparing to list publicly, enabling them to maintain discretion while streamlining the IPO process.

Financial and IPO Details

Shiprocket’s planned IPO will include a fresh issue of shares alongside an offer for sale by current investors. The fresh equity component is expected to be around ₹1,000 to ₹1,200 crore, with the balance amount raised through sale of existing shares. Funds raised through the fresh issue will be utilized to boost technology upgrades, expand warehousing and logistics infrastructure, and explore strategic acquisitions.
The combination of fresh capital inflow and existing shareholders selling some of their stakes is a common IPO structure among tech companies, balancing growth capital needs and liquidity for early investors.

Company Overview and Market Presence

Established in 2012 by founders Saahil Goel and Gautam Kapoor, Shiprocket has evolved into a comprehensive logistics platform that supports more than 250,000 e-commerce sellers across India. The platform offers end-to-end shipping solutions, covering deliveries to over 24,000 pin codes in India, as well as international shipments to over 220 countries.
Despite incurring a net loss of ₹595 crore in the fiscal year 2023-24, the company witnessed a 21% increase in its operating revenue, which reached ₹1,316 crore, reflecting growing adoption of its services.
Shiprocket’s strength lies in its ability to simplify logistics operations for sellers of all sizes, providing integrations with multiple courier partners, automated shipping management, and real-time tracking—essential tools for scaling e-commerce businesses.

Strategic Growth Plans Supported by IPO

The proceeds from the IPO will support Shiprocket’s plans to enhance its technology infrastructure, including automation and data analytics capabilities. The company also intends to expand its warehousing capacity across key locations to improve delivery speed and reliability.
Another focus area is cross-border logistics, where Shiprocket aims to facilitate seamless international shipments, tapping into the global e-commerce boom. In addition, investments will be made in emerging sectors like quick commerce and digital payments, aligning with evolving consumer trends.
The logistics industry in India is poised for rapid growth, fueled by the surge in online retail, rising smartphone penetration, and consumer demand for faster deliveries. Shiprocket’s integrated platform positions it well to capitalize on these opportunities.

Backing from Top Investors

Shiprocket has attracted investments from prominent global and domestic investors such as Zomato, Temasek, Info Edge Ventures, PayPal, Bertelsmann India Investments, Lightrock, and March Capital. These investors bring not only capital but also industry expertise, which has helped Shiprocket scale its operations and build robust logistics technology.
Their continued support, including participation in the Offer for Sale portion of the IPO, will be key to the company’s ability to sustain growth and achieve profitability.

Challenges Ahead

Despite its promising outlook, Shiprocket faces several challenges typical of logistics startups. Intense competition from established courier companies and other logistics tech platforms means continuous innovation and operational efficiency are crucial. Additionally, managing costs and optimizing last-mile delivery remain vital to improving margins.
Regulatory factors and economic conditions will also influence the IPO’s success and the company’s future performance.

conclusion

Shiprocket’s confidential DRHP filing signals the company’s readiness to transition from a private startup to a publicly traded firm. The ₹2,400 crore IPO will provide the resources needed to accelerate growth, invest in cutting-edge technology, and expand infrastructure in India’s booming logistics sector.
By opting for a confidential filing, Shiprocket aims to navigate regulatory requirements efficiently while maintaining strategic confidentiality. As it prepares for its public market debut, all eyes will be on how effectively Shiprocket can execute its growth plans and create shareholder value.
This IPO represents a significant opportunity for investors to participate in the growth story of one of India’s fastest-growing logistics technology platforms.

 

 

 

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PNG Jewellers Aims for 27–30% Revenue Surge in FY26
Equities - May 19, 2025

PNG Jewellers Aims for 27–30% Revenue Surge in FY26

PNG Jewellers Aims for 27–30% Revenue Surge in FY26

 

Backed by strong retail performance, rapid digital expansion, and an aggressive strategy for opening new stores, PNG Jewellers is aiming for substantial double-digit value growth in the financial year 2026.

Strong Finish to FY25 Sets the Stage

PNG Jewellers closed FY25 with impressive numbers. Consolidated revenue rose by 25.9% for the year, with a 5.1% increase in Q4 alone. The retail segment, which forms over 80% of the company’s business, surged by 50% in the last quarter, while e-commerce sales more than doubled, now contributing nearly 6% of total revenue. Franchise operations also saw robust growth, reflecting successful market penetration and brand strength.
The company’s net profit for Q4 FY25 climbed 13% to ₹62 crore, even as margins narrowed due to rising gold prices and competitive pressures. PNG achieved its highest-ever single-day sales of ₹123.5 crore during Gudi Padwa, a 40% increase over the previous year, underscoring the power of festive demand.

FY26 Growth Targets and Expansion Plans

Chairperson Saurabh Gadgil and CFO Kiran Firodiya have both outlined ambitious plans for FY26. The company is aiming for overall value growth of 27–30%, combining expected jewellery volume growth of 15–16% and value growth of 10–12%. This target is underpinned by:
• Aggressive Store Expansion: PNG plans to open 20–25 new retail outlets in FY26, focusing on high-potential markets like Uttar Pradesh and further strengthening its presence in Maharashtra and Goa. The brand presently runs 53 outlets, encompassing a mix of company-owned and franchised locations.
• Digital and E-commerce Push: E-commerce sales grew by over 240% in Q4 FY25, and this channel is expected to be a significant growth driver going forward.
• Franchise Network Scaling: Franchise operations contributed nearly 12% of total revenue, with a 37% year-on-year increase, indicating successful brand replication in new geographies.

Market Drivers: Weddings, Festive Demand, and Consumer Shifts

The wedding season and festivals like Akshaya Tritiya are expected to provide a strong start to FY26, with consumer sentiment remaining upbeat despite elevated gold prices. PNG’s leadership notes that the India consumption story is robust, and the trend of customers moving from unorganized to organized retail continues to accelerate. This shift is reflected in higher footfalls, a strong conversion rate (over 92%), and consistent same-store sales growth above 26%.

Navigating Market Challenges

While gold prices remain volatile due to geopolitical uncertainty and policy changes, PNG Jewellers is confident about its growth trajectory. The company is leveraging platforms like IIBX for gold imports and adapting its product mix to favor lightweight, high-margin jewellery. Recent government moves, such as custom duty adjustments, have also influenced pricing and sourcing strategies.
Despite a drop in average ticket size (from ₹85,000 to ₹77,000), the overall number of customers has risen sharply, compensating for this decline and contributing to revenue growth. The company’s emphasis on high-end, studded jewellery is yielding positive results, as the studded jewellery ratio climbed to 7.4% in Q4 FY25.

Outlook: Confidence in Sustained Growth

Looking forward, PNG Jewellers remains confident in sustaining its upward growth trajectory.
The combination of new store launches, digital innovation, and a loyal customer base positions the company well for FY26. The management is also betting on continued demand from weddings, festivals, and a broader shift toward branded jewellery purchases.

Conclusion

PNG Jewellers is aiming for a 27–30% increase in value for FY26, building on solid results from FY25, planned expansion efforts, and keen insight into shifting consumer preferences.
As the company continues to invest in retail, digital, and franchise channels, it is poised to capture a larger share of India’s growing jewellery market, even amid external challenges.

 

 

 

 

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India’s Forex Reserves Climb to $690.6 Billion, Marking 7-Month Peak

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Walmart’s Indian Bet: E-commerce and Sourcing Power Next Wave of Global Growth
Business, Equities, Market News, Markets - October 14, 2024

Festive Ecommerce Sales Surge to $6.5 Billion in One Week, Mobile Phones Lead Demand

Festive Ecommerce Sales Surge to $6.5 Billion in One Week, Mobile Phones Lead Demand

India’s online marketplaces achieved record sales of $6.5 billion (approximately ₹55,000 crore) within just one week of festive sales starting September 26, marking a 26% year-on-year increase. This robust performance, primarily driven by mobile phones, electronics, and consumer durables, underscores the evolving consumer behavior toward higher-priced products with equated monthly installment (EMI) options playing a crucial role.

Record Sales and Early Trends
The week-long festive period accounted for 55% of the expected total sales during the entire festive season, with the Gross Merchandise Value (GMV) forecast to reach $12 billion this year, up from $9.7 billion in 2023, according to Datum Intelligence. Flipkart’s Big Billion Days and Amazon’s Great Indian Festival began with early access for premium subscribers on September 26, contributing to the initial surge in purchases. Meesho, a rising player in the ecommerce space, reported a 40% year-on-year jump in orders, with 45% of its demand coming from smaller towns (tier-IV cities and beyond).

Vidit Aatrey, cofounder and CEO of Meesho, highlighted that the demand was “front-loaded” this year as customers planned their purchases early to ensure timely deliveries before the festival season. Flipkart also emphasized strong demand across both metros and smaller towns, with customers from cities such as Medinipur, Hisar, and Bankura actively participating in the sale.

Consumer Shift to Premium Products
The ecommerce boom reflects a shift in consumer behavior towards high-value goods, with the average selling price (ASP) of purchases increasing. Premium smartphones like the iPhone 13, OnePlus models, and Samsung S23 Ultra were among the best-sellers. According to Amazon India’s director of consumer electronics, Ranjit Babu, the premium segment, especially items priced over ₹30,000, witnessed a 30% year-over-year growth. Notably, nearly 75% of orders for premium electronics came from smaller towns beyond tier-II cities, indicating the widening reach of ecommerce platforms.

In addition to electronics, categories like kitchenware, healthy snacks, home decor, and travel accessories saw rapid growth. Unicommerce, a software firm serving ecommerce businesses, reported a 100% rise in orders for these categories during the Navratri period. This expanding category mix demonstrates consumers exploring beyond traditional festive purchases, such as ethnic clothing and gift items.

Challenges and Supply Constraints
Despite the sales boom, supply chain issues emerged as a significant challenge. Brands have struggled to keep up with higher-than-expected demand, risking stockouts. Ahana Gautam, founder of health-snack brand Open Secret, noted that her team’s focus has shifted to managing supply. “Our biggest challenge isn’t demand but ensuring we don’t run out of stock,” Gautam said. Open Secret reported 50-200% growth across different product categories this festive season, driven by snack boxes and gifting products.

Role of EMI Payments and Discounts
EMI options and festive offers have played a key role in driving consumer purchases, particularly in higher-value categories like smartphones, TVs, laptops, and home appliances. More than 50% of buyers in these categories opted for EMI, making large purchases more affordable. Analysts noted that while the first week’s sales were brisk, consumer interest typically shifts towards lower-priced goods during the latter part of the festive season.

Satish Meena, adviser at Datum Intelligence, anticipates a second wave of strong demand between Dussehra and Diwali. “The sales momentum started fast, and we expect another uptick as customers return for lower ASP products during the next phase,” Meena explained.

Outlook
The 2024 festive season showcases the growing penetration of ecommerce into smaller towns, where consumers are increasingly purchasing premium products. With logistics and supply management becoming crucial factors, ecommerce players need to stay agile to meet consumer expectations. Brands and platforms are also leveraging early sales windows to capture demand ahead of the key festivals. As festive shopping patterns evolve, the competition to provide seamless delivery, flexible payment options, and a diverse product range will continue to shape the ecommerce landscape in the months ahead.

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TCS Unveils Pace Studio in Philippines to Boost Digital Innovation

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