Latest news with #KabeerBiswas
Time of India
4 days ago
- Business
- Time of India
Quick commerce now accounts for 20% of ecommerce sector in India: Walmart International CEO
Quick commerce now accounts for 20% of India's ecommerce market and is growing at a rate of 50% annually, according to Kathryn McLay , CEO of Walmart International . 'That's a part of ecommerce that we want to be playing in,' she said at the Bernstein Annual Strategic Decisions Conference, reaffirming Walmart 's growing focus on the segment through its Indian arm Flipkart . Amid this push, Flipkart's Indian marketplace entity has received a cash infusion of Rs 2,225 crore (around $260 million) from its Singapore-based parent, according to regulatory filings. The funds come as Flipkart accelerates investments into Minutes, its quick commerce vertical, which is targeting 800 dark stores by the end of 2025. Earlier this month, Flipkart Minutes vice president Kabeer Biswas told ET that the company had already reached the halfway mark on that rollout. McLay also stated that Walmart was not prioritising near-term profitability for its India ecommerce businesses — Flipkart and fashion platform Myntra — over market share and growth. Close on the heels of expanding services to Singapore, Myntra received a cash infusion of Rs 1,062.5 crore ($124 million) from its parent entity. 'We're excited about their growth. We are not so focused on profitability that we would trade off market share and growth for the future,' she said. 'You take the balance of all of that, and we will get there at the right time.' She added that while Flipkart's path to profitability may not be linear, Walmart has achieved success with similar models in other markets — not just at the broader business level, but within individual channels like quick commerce. Walmart had led a $1 billion funding round in Flipkart in 2023, committing $600 million to the round. Despite rapid growth, quick commerce continues to form a modest portion of India's overall retail sector. As ET reported on May 19, six of the country's top fast-moving consumer goods (FMCG) firms — Hindustan Unilever, Britannia, AWL Agri Business (formerly Adani Wilmar), Dabur, Tata Consumer Products, and Marico — reported a combined Rs 4,400 crore in quick commerce sales for FY25, accounting for just 2–4% of their overall revenues. A recent report by HSBC Securities projects the gross order value of India's quick commerce market to touch $35–40 billion by FY26. Flipkart faces stiff competition in the space from the likes of Blinkit (owned by Eternal), Swiggy 's Instamart, Zepto, Amazon, BigBasket (backed by Tata Digital), and Reliance's JioMart. Domicile shift, IPO roadmap, financials Flipkart is also in the process of shifting its domicile from Singapore to India — a move that group CEO Kalyan Krishnamurthy called a 'significant step toward aligning more closely with the economic and regulatory landscape' during a recent townhall. The reverse flip comes ahead of a planned initial public offering in 2026. For FY24, Flipkart Internet reported operating revenue of Rs 17,907.3 crore, a 21% year-on-year increase, while its net loss narrowed by 41% to Rs 2,358 crore. Its fashion vertical Myntra turned profitable for the first time in FY24, posting a net profit of Rs 31 crore compared to a loss of Rs 782 crore in the previous year. Myntra's revenue rose 15% during the fiscal. The platform is also extending its reach beyond India. While facing fresh competition in the local market following Shein's re-entry via a Reliance tie-up, Myntra is expanding to Singapore through Myntra Global. It has also launched M-Now, a rapid delivery service for fashion and home goods.
Economic Times
4 days ago
- Business
- Economic Times
Quick commerce now accounts for 20% of ecommerce sector in India: Walmart International CEO
ETtech Kathryn McLay, CEO, Walmart International Quick commerce now accounts for 20% of India's ecommerce market and is growing at a rate of 50% annually, according to Kathryn McLay, CEO of Walmart International. 'That's a part of ecommerce that we want to be playing in,' she said at the Bernstein Annual Strategic Decisions Conference, reaffirming Walmart's growing focus on the segment through its Indian arm this push, Flipkart's Indian marketplace entity has received a cash infusion of Rs 2,225 crore (around $260 million) from its Singapore-based parent, according to regulatory filings. The funds come as Flipkart accelerates investments into Minutes, its quick commerce vertical, which is targeting 800 dark stores by the end of 2025. Earlier this month, Flipkart Minutes vice president Kabeer Biswas told ET that the company had already reached the halfway mark on that rollout. McLay also stated that Walmart was not prioritising near-term profitability for its India ecommerce businesses — Flipkart and fashion platform Myntra — over market share and growth. Close on the heels of expanding services to Singapore, Myntra received a cash infusion of Rs 1,062.5 crore ($124 million) from its parent entity. 'We're excited about their growth. We are not so focused on profitability that we would trade off market share and growth for the future,' she said. 'You take the balance of all of that, and we will get there at the right time.' She added that while Flipkart's path to profitability may not be linear, Walmart has achieved success with similar models in other markets — not just at the broader business level, but within individual channels like quick commerce. Walmart had led a $1 billion funding round in Flipkart in 2023, committing $600 million to the rapid growth, quick commerce continues to form a modest portion of India's overall retail sector. As ET reported on May 19, six of the country's top fast-moving consumer goods (FMCG) firms — Hindustan Unilever, Britannia, AWL Agri Business (formerly Adani Wilmar), Dabur, Tata Consumer Products, and Marico — reported a combined Rs 4,400 crore in quick commerce sales for FY25, accounting for just 2–4% of their overall revenues.A recent report by HSBC Securities projects the gross order value of India's quick commerce market to touch $35–40 billion by FY26. Flipkart faces stiff competition in the space from the likes of Blinkit (owned by Eternal), Swiggy's Instamart, Zepto, Amazon, BigBasket (backed by Tata Digital), and Reliance's JioMart. Domicile shift, IPO roadmap, financials Flipkart is also in the process of shifting its domicile from Singapore to India — a move that group CEO Kalyan Krishnamurthy called a 'significant step toward aligning more closely with the economic and regulatory landscape' during a recent townhall. The reverse flip comes ahead of a planned initial public offering in 2026. For FY24, Flipkart Internet reported operating revenue of Rs 17,907.3 crore, a 21% year-on-year increase, while its net loss narrowed by 41% to Rs 2,358 crore. Its fashion vertical Myntra turned profitable for the first time in FY24, posting a net profit of Rs 31 crore compared to a loss of Rs 782 crore in the previous year. Myntra's revenue rose 15% during the fiscal. The platform is also extending its reach beyond India. While facing fresh competition in the local market following Shein's re-entry via a Reliance tie-up, Myntra is expanding to Singapore through Myntra Global. It has also launched M-Now, a rapid delivery service for fashion and home goods.
Time of India
5 days ago
- Business
- Time of India
Ola Electric's Q4 losses double; Walmart on quick comm
Ola Electric's Q4 losses double; Walmart on quick comm Also in the letter: Ola Electric Q4 net loss doubles to Rs 870 crore as revenue slumps 62% Financials: Operating revenue: Rs 611 crore, down 61.8% from Rs 1,598 crore a year ago. Rs 611 crore, down 61.8% from Rs 1,598 crore a year ago. Net loss: Rs 870 crore, versus Rs 416 crore in Q4 FY24. Rising woes: Yes, and: Seeking funds: Quick commerce is 20% of India's ecommerce and growing fast: Walmart Driving the news: The company aims to operate 800 dark stores by the end of 2025. It has already crossed the halfway mark, VP Kabeer Biswas told ET earlier this month. 'We're not so focused on profitability that we would trade off market share,' McLay said. 'The path to profitability is not linear… but we've seen it in other markets where we've been able to achieve it, not just at a market level, but within specific channels.' The big picture : Flipkart competes with Blinkit, Instamart, Zepto, BigBasket, Amazon, and JioMart in India's increasingly competitive quick commerce sector. As ET reported on May 19, top FMCG firms including HUL, Dabur, and Britannia posted Rs 4,400 crore in FY25 quick commerce sales—just 2–4% of total revenue. HSBC Securities pegs India's quick commerce order value at $35–40 billion by FY26. Also Read: What's next: Flipkart is shifting its domicile to India ahead of a planned IPO in 2026. FY24 snapshot: Flipkart's revenue rose 21% to Rs 17,907 crore, while Myntra turned profitable, posting Rs 31 crore in net profit. Razorpay completes reverse flip from US to India after MCA approval Why it matters: Catch up quick: ETtech first reported Razorpay's flipback plan on May 9, 2023, when it began work on shifting its domicile. The process required clearance from the Reserve Bank of India (RBI), followed by the MCA nod, which was granted recently. In April, Razorpay's board also approved its conversion into a public limited company. Zoom out: Dream Sports (Dream11) was the first Indian startup to complete a reverse flip under the new fast-track route, as reported by ETtech in March 2025. The updated cross-border rules permit a foreign holding company to merge with its Indian subsidiary without requiring NCLT clearance, thereby significantly reducing the timeline. Flipkart's board approved a similar move in February 2025, aiming to shift its domicile to India as part of its IPO roadmap, as per another ETtech exclusive. Groww completed its reverse flip in 2024 and has since filed confidentially with Sebi for an IPO. By the numbers: $180 billion in annual payment volume Rs 2,500 crore in FY24 payments biz revenue Rs 34 crore in net profit (payments unit) Overall company still reports consolidated losses What's next: Also Read: Elon Musk's timeline at DOGE: From ambitious reforms to abrupt exit Musk's statement: Why the long face: While the reasons remain unclear, the move came a day after Musk publicly criticised Trump's 'big, beautiful bill.' In a recent interview with The Washington Post, the Tesla CEO also voiced frustration over DOGE becoming a political scapegoat. Earlier this month, Musk pledged to scale back his political spending, insisting that he'd 'done enough.' Following a major outage on X, Musk said he will 'refocus' on his business. DOGE controversies: Agency downsizing: Shut down or hollowed out 11 agencies, attempted to dismantle the United States Agency for International Development (USAID) and the Consumer Financial Protection Bureau, and, as per Politico, terminated over 8,500 contracts and 10,000 grants. Spending cuts: AI could cut half of all entry-level white collar jobs: Anthropic CEO Jobs bloodbath: Not yet, but soon: Also Read: Ola Electric's troubles compounded with net loss increasing two-fold in the March quarter. This and more in today's ETtech Top 5.■ Razorpay's flip back■ Musk exits DOGE■ Anthropic CEO's jobs warningBhavish Aggarwal, CEO, Ola ElectricOla Electric's financial troubles deepened in Q4 FY25, with net losses doubling and revenue taking a steep fall, one of the sharpest since the company began delivering electric two-wheelers in late marks one of the steepest quarterly revenue drops for the Bhavish Aggarwal-led firm. The company continues to face headwinds, from growing customer complaints to ongoing investigations by regulatory bodies. As ET reported on May 28 , Ola Electric is also losing ground in market share. In May, it slipped to third place in the electric two-wheeler segment as legacy companies TVS Motor and Bajaj Auto gained the first 26 days of May, Ola Electric held a 20% market share with 15,221 vehicle registrations, down from 22.1% in April, according to government-run Vaahan portal data. TVS led with 25% while Bajaj followed closely at 22.6%.To steady operations and shore up capital, Ola Electric's board approved raising Rs 1,700 crore via non-convertible debentures and other debt instruments. This is its first fundraise activity since its IPO in August company's stock closed at Rs 53.24 on Thursday, well below its issue price of Rs 76. Since its listing, the stock has dropped over 40%.Kathryn McLay, CEO, Walmart InternationalQuick commerce now makes up 20% of India's ecommerce market and is growing at 50% annually, Walmart International CEO Kathryn McLay said at the Bernstein Strategic Decisions has received a Rs 2,225 crore ($260 million) cash infusion from its Singapore-based parent to scale up businesses like its quick commerce unit, Minutes.(L-R) Harshil Mathur, Shashank Kumar, cofounders, RazorpayRazorpay has completed the reverse flip of its parent entity from the US to India, following final approval from the Ministry of Corporate Affairs (MCA), ETtech has marks a major milestone in the fintech unicorn's efforts to align with Indian regulations ahead of its planned IPO. The shift was enabled by new rules that allow eligible startups to skip National Company Law Tribunal (NCLT) is targeting profitability by 2026 and intends to go public on Indian stock exchanges shortly billionaire Elon Musk ended his brief and turbulent five-month stint at the Department of Government Efficiency (DOGE), President Donald Trump's flagship programme to slash federal on his social media platform X, Musk wrote: 'As my scheduled time as a Special Government Employee comes to an end, I would like to thank President@realDonaldTrump for the opportunity to reduce wasteful spending.'Musk's exit is as abrupt as it is low-key. Sources told Reuters that he has already begun transitioning out, with no direct conversation with Trump preceding the Musk, DOGE led major cost-cutting and restructuring efforts across the federal government:Slashed foreign aid, volunteer programmes, and education funding while centralising budget Amodei, CEO, AnthropicAnthropic CEO Dario Amodei has raised concerns about an impending job extinction caused by artificial intelligence (AI), echoing fears shared by who leads one of the world's largest AI companies, told Axios that significant job cuts could happen within five years, urging consumers and US lawmakers to get stated that the government and his peers in the AI industry are 'sugar-coating' the reality that mass job cuts will occur in entry-level white-collar roles across the technology, finance, law, and consulting to the report, Anthropic research indicates that people have embraced AI in their work, seeing it as an assistant—something that will help them perform their jobs without fully replacing Amodei warns that companies will increasingly rely on AI for automation in "as little as a couple of years or less."
Time of India
5 days ago
- Business
- Time of India
Quick commerce now accounts for 20% of ecommerce sector in India: Walmart International CEO
Quick commerce now accounts for 20% of India's ecommerce market and is growing at a rate of 50% annually, according to Kathryn McLay , CEO of Walmart International . 'That's a part of ecommerce that we want to be playing in,' she said at the Bernstein Annual Strategic Decisions Conference, reaffirming Walmart's growing focus on the segment through its Indian arm Flipkart . Amid this push, Flipkart's Indian marketplace entity has received a cash infusion of Rs 2,225 crore (around $260 million) from its Singapore-based parent, according to regulatory filings. The funds come as Flipkart accelerates investments into Minutes, its quick commerce vertical, which is targeting 800 dark stores by the end of 2025. Earlier this month, Flipkart Minutes vice president Kabeer Biswas told ET that the company had already reached the halfway mark on that rollout. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. McLay also stated that Walmart was not prioritising near-term profitability for its India ecommerce businesses — Flipkart and fashion platform Myntra — over market share and growth. Close on the heels of expanding services to Singapore, Myntra received a cash infusion of Rs 1,062.5 crore ($124 million) from its parent entity. 'We're excited about their growth. We are not so focused on profitability that we would trade off market share and growth for the future,' she said. 'You take the balance of all of that, and we will get there at the right time.' Live Events She added that while Flipkart's path to profitability may not be linear, Walmart has achieved success with similar models in other markets — not just at the broader business level, but within individual channels like quick commerce. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories Walmart had led a $1 billion funding round in Flipkart in 2023, committing $600 million to the round. Despite rapid growth, quick commerce continues to form a modest portion of India's overall retail sector. As ET reported on May 19, six of the country's top fast-moving consumer goods (FMCG) firms — Hindustan Unilever, Britannia, AWL Agri Business (formerly Adani Wilmar), Dabur, Tata Consumer Products, and Marico — reported a combined Rs 4,400 crore in quick commerce sales for FY25, accounting for just 2–4% of their overall revenues . A recent report by HSBC Securities projects the gross order value of India's quick commerce market to touch $35–40 billion by FY26. Flipkart faces stiff competition in the space from the likes of Blinkit (owned by Eternal), Swiggy 's Instamart, Zepto, Amazon, BigBasket (backed by Tata Digital), and Reliance's JioMart. Domicile shift, IPO roadmap, financials Flipkart is also in the process of shifting its domicile from Singapore to India — a move that group CEO Kalyan Krishnamurthy called a 'significant step toward aligning more closely with the economic and regulatory landscape' during a recent townhall. The reverse flip comes ahead of a planned initial public offering in 2026. For FY24, Flipkart Internet reported operating revenue of Rs 17,907.3 crore, a 21% year-on-year increase, while its net loss narrowed by 41% to Rs 2,358 crore. Its fashion vertical Myntra turned profitable for the first time in FY24, posting a net profit of Rs 31 crore compared to a loss of Rs 782 crore in the previous year. Myntra's revenue rose 15% during the fiscal. The platform is also extending its reach beyond India. While facing fresh competition in the local market following Shein's re-entry via a Reliance tie-up, Myntra is expanding to Singapore through Myntra Global. It has also launched M-Now, a rapid delivery service for fashion and home goods.
Business Standard
23-05-2025
- Business
- Business Standard
Flipkart Minutes Expansion: Flipkart expands quick commerce to tier-2 and tier-3 cities nationwide
Months after joining Flipkart to lead its quick-commerce arm, Kabeer Biswas is accelerating efforts to position the Walmart-owned retailer as a serious contender in the ultrafast delivery race. Biswas is spearheading Flipkart Minutes' expansion, with the service doubling its business every 45 days and aiming to operate 800 dark stores across the country by the end of the year. As rivals Blinkit, Swiggy Instamart, and Zepto focus largely on urban consumers, Biswas says Flipkart Minutes' strategy hinges on scale, speed, value, and deep penetration into tier-2 and tier-3 cities. It is leveraging the company's existing logistics and supply chain infrastructure to deliver groceries, daily essentials, and other products within 10 to 15 minutes. 'The value we can deliver per transaction is fundamentally what differentiates us from the competition,' said Biswas, vice-president at Flipkart Minutes. 'Given our size and the scale of the business, our ability to deliver value to customers is significantly greater than anybody else's.' According to Biswas, consumer expectations are shifting, with demand for fast delivery expanding beyond groceries and daily essentials. Flipkart's quick-commerce business, launched just 10 months ago, is now present in 17 cities — including metros and locations such as Ghaziabad, Faridabad, Guwahati, Jaipur, Kanpur, Lucknow, and Thane. Amazon has also entered the space with its own service, Amazon Now. Since joining Flipkart a quarter ago, Biswas has taken charge of Flipkart Minutes with a clear mandate: scale fast and scale smart. He said Flipkart Minutes is built on core pillars such as daily essentials retailing, hyperlocal delivery, store-level supply chains, expansion into long-tail SKUs (stock keeping units), and customer acquisition and retention. He added that Flipkart already excels in logistics, supply chain, and customer reach — giving Flipkart Minutes a significant head start. The current strategy focuses on layering daily essentials and hyperlocal capabilities atop this infrastructure. 'We are building on that shared infrastructure,' said Kanchan Mishra, another vice-president at Flipkart Minutes. She added that leveraging Flipkart's engaged user base has helped keep customer acquisition costs low, while enabling higher order volumes. Mishra noted that another strategic advantage is Flipkart's broad category portfolio. Unlike quick-commerce rivals focused primarily on fast-moving essentials, Flipkart Minutes offers a wider assortment — from groceries to personal care — supporting a more sustainable store-level profit profile. ALSO READ: E-commerce giants Flipkart, Amazon deepen fashion push in smaller cities Analysts estimate Flipkart and Amazon may each need to invest at least $1 billion over the next few years to scale their quick-commerce operations and close the gap with rivals. Blinkit currently leads with 1,301 dark stores, followed by Swiggy Instamart with 1,021, and Zepto with over 750. Flipkart declined to disclose specific investment figures. However, Biswas emphasised that Flipkart Minutes is uniquely positioned to scale rapidly and cost-effectively by leveraging existing infrastructure. The approach, he suggested, focuses on thoughtful, infrastructure-led expansion. While grocery and household essentials dominate quick-commerce sales, players such as Blinkit, Swiggy Instamart, and Zepto are rapidly expanding into premium categories like electronics and fashion. Mishra said Flipkart Minutes is seeing strong traction in premium categories including electronics and lifestyle products. Transactions involving higher-value items are steadily rising, with many now fulfilled via Flipkart Minutes' under-15-minute delivery network. 'The ability to deliver electronics — laptops, fitness gear and more — in under 15 minutes is proving to be a game changer,' said Mishra. 'There are very few platforms globally offering that at this scale.' Tier-2 and Tier-3 Cities As ultrafast delivery expectations spread beyond metro areas, Flipkart Minutes is positioning itself to meet rising demand in smaller towns — without requiring massive new infrastructure. Biswas cited a recent survey that showed even tier-3 consumers now expect 10-minute deliveries, highlighting the rapid evolution of customer expectations. He said Flipkart's pan-India logistics network — covering nearly every pin code — provides a structural advantage over newer players. This allows Flipkart to launch in new cities such as Patna within as little as four weeks of decision-making. According to Biswas, 75 per cent of the supply chain work is already done thanks to the parent network. Flipkart Minutes focuses on the final 25 per cent — the last leg of delivery — giving it speed and flexibility. Profitability Outlook While India's quick-commerce market remains in its early stages, Biswas believes the long-term economics of the model are becoming more promising. He pointed to emerging benchmarks and recent disclosures from competitors that suggest sustainable unit economics are within reach — contingent on network build-out, user acquisition, and customer retention. As Flipkart Minutes scales, Biswas said the biggest challenge is not investment or technology — but operational execution. Describing quick commerce as an 'hourly execution business,' Biswas — who previously co-founded and scaled Dunzo — said just-in-time supply chains demand constant coordination. 'It requires precision tooling, disciplined culture, and relentless focus,' he added.
