MSMEs – Flipkart CEO Kalyan Krishnamurthy meets FM; highlights firm’s concentrate on serving to artisans, weavers leverage digital platforms

MSMEs – Flipkart CEO Kalyan Krishnamurthy meets FM; highlights firm’s concentrate on serving to artisans, weavers leverage digital platforms

Flipkart chief government Kalyan Krishnamurthy on Thursday met Finance Minister Nirmala Sitharaman. The Finance Minister’s workplace tweeted an image from Sitharaman’s assembly with Krishnamurthy.

Whereas particulars of the assembly weren’t shared, sources mentioned the highest government knowledgeable the minister of the corporate’s engagement with sellers, particularly micro, small and medium enterprises (MSMEs).

 

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Krishnamurthy additionally highlighted the corporate’s concentrate on serving to artisans and weavers leverage digital platforms to achieve extra consumers, sources added.

Emails despatched to Flipkart didn’t elicit a response.

 

Greater than 3 lakh registered sellers from throughout the nation are on Flipkart’s market, and 60 per cent are from tier II cities and past. Flipkart additionally works with greater than 1.6 million kiranas in India via its wholesale enterprise and its last-mile supply programme.

With greater than 350 million registered customers from throughout the nation, the Walmart-owned e-commerce platform has been investing in key classes, together with vogue, journey, and grocery. Venturing into the social commerce house, Flipkart just lately introduced the launch of Shopsy that can encourage native entrepreneurship.

Based in 2007, the Flipkart Group consists of Flipkart, vogue specialty website Myntra, Ekart (logistics and provide chain arm), Flipkart Wholesale, and Cleartrip. The Group can also be a majority shareholder within the digital funds platform, PhonePe. In 2018, Walmart Inc invested USD 16 billion for buying 77 per cent stake in Flipkart, and earlier this yr, led a USD 1.2 billion funding spherical within the e-commerce firm.

Final month, Flipkart had raised USD 3.6 billion (about Rs 26,806 crore) in funding for a valuation of USD 37.6 billion, with its predominant proprietor Walmart becoming a member of SoftBank, Singapore’s GIC Pte, and several other sovereign wealth and pension funds.

E-commerce has witnessed large progress within the nation over the previous few years.

The pandemic has additional bolstered progress as containment measures launched thousands and thousands to the comfort of on-line purchasing whereas prompting seasoned internet buyers to purchase extra.

Social distancing compulsions, large smartphone base and dependable broadband have galvanised e-commerce uptake past metros, deep into smaller cities and cities. E-commerce platforms are ramping up capacities and hiring aggressively to cater to the expansion so as volumes.

Flipkart is reportedly working in direction of an preliminary public providing (IPO), although the corporate has not revealed a particular timeline for a similar.

Earlier this week, Walmart had mentioned its operations in markets corresponding to India and Mexico had pushed its worldwide enterprise progress by 13 per cent within the second quarter ended July 31.

In a press release on Thursday, Flipkart Wholesale – its digital B2B market – had mentioned its plans to greater than triple its geographical footprint in India to shut to 2,700 cities.

“Launched in September 2020, Flipkart Wholesale has witnessed robust progress within the first half of 2021 spearheaded by the adoption of e-commerce by retailers and kiranas. E-commerce adoption by kiranas on Flipkart Wholesale doubled in January-June this yr in comparison with final yr,” the assertion mentioned.

That is projected to see 180 per cent progress in July-December 2021, as towards the identical interval final yr, it added.

Flipkart Wholesale mentioned it has additionally seen a surge in suppliers which have come onboard on the digital B2B market. “The provider base is predicted to develop 58 per cent in 2021, which is able to additional enhance the native enterprise ecosystem in addition to livelihoods,” it added.

Flipkart Wholesale witnessed 17 per cent progress in its Kirana buyer base in January-June 2021 in comparison with the identical interval final yr, and that is projected to develop by 33 per cent in July-December 2021 (from the year-ago interval).

In July final yr, Flipkart had introduced the acquisition of Walmart India for an undisclosed quantity and launched Flipkart Wholesale to faucet into the USD 650 billion B2B retail market in India.

“We launched Flipkart Wholesale with an intention to convey prosperity to the B2B retail ecosystem and clear up native ache factors of kiranas throughout the nation. Regardless of challenges induced by the pandemic, now we have seen a robust response from kiranas who are actually realizing the advantages of digitisation and warming as much as e-commerce because the go-to technique of buy,” Adarsh Menon, Senior Vice President, and Head – Flipkart Wholesale, mentioned.

He added that the corporate will proceed to leverage the expertise strengths from the Flipkart group and improve livelihoods and native provider ecosystems throughout the nation.

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