Latest news with #Vriddhi
&w=3840&q=100)
Business Standard
6 hours ago
- Business
- Business Standard
Walmart reaffirms commitment to hike India sourcing to $10bn by 2027
Global retail giant Walmart on Tuesday reaffirmed its commitment to increase annual sourcing from India to $10 billion by 2027. 'I have been coming to India for a long time now and over the years you can see how the story is unfolding -- broadening and becoming much more interesting. Earlier, we were sourcing products from only some limited categories, but our sourcing business has grown a lot and now we have this goal of getting to $10 billion a year,' Doug McMillon, president and chief executive officer at Walmart Inc. McMillon was speaking at a showcase of the company's many businesses in India during his two-day trip to the country, highlighting its growth story, covering exports, digital innovation, building inclusive supply chains and empowering communities. 'It's rare to have such a big economy growing so fast and creating so much opportunity for so many and we want to be part of that process,' McMillon added. The company has been present in India for over 20 years and had acquired a controlling 77 per cent stake in Flipkart in 2018. As part of this, it had also gained a controlling stake in the online payment platform PhonePe. The company has sourced goods worth over $30 billion from India in the last two decades. 'Years ago, we got the opportunity to invest in Flipkart and PhonePe and the way our teams have done to grow those businesses over the years has been inspiring,' he said. PhonePe is gearing up for an initial public offering and is reportedly set to file its draft papers in early August. 'We have a long-term point of view. You can see that from the many years that we've been here and you can expect that to continue. We see the growth in India,' he further said. Meanwhile, McMillon also interacted with sellers trained under the company's supplier development programme-- helping micro, small and medium enterprises (MSME) -- Walmart Vriddhi. Through its Vriddhi initiatives, Walmart is empowering the Indian MSMEs with critical business skills and market access, which has helped them to scale their business sustainably and contribute to India's economic growth story. Launched in 2019, the programme has trained over 70,000 MSMEs so far by enabling access to digital commerce, personalised mentorship and strategic partnerships. Earlier this month, the company said it is connecting with one lakh more MSMEs in the next three years under the programme. The world's largest retailer clocked revenues worth $681 billion in 2025.
&w=3840&q=100)
Business Standard
13 hours ago
- Business
- Business Standard
Working with suppliers to reach $10 bn sourcing from India: Walmart CEO
Last year, Walmart said it had sourced goods worth over $30 billion from the Indian market in the last two decades for its global operations Press Trust of India New Delhi US-based retail giant Walmart is working with suppliers in India to meet its target of sourcing $10-billion goods from India for its operations worldwide, its global CEO Doug McMillon said here on Tuesday. Walmart has increased sourcing from India over the years, and it is excited with the progress made, he said. "....over the years, you can see how the story is unfolding, and it's really broadening and becoming much more interesting," he said. In December 2020, the Bentonville-headquartered retail giant announced a goal to source $10-billion products from India by 2027, aiming to boost exports in apparel, food, toys, and other categories. "At the beginning, we were sourcing products here with limited categories, but we were excited to get started... look what's happened in our sourcing business. "It's grown a lot, and now we have this goal of getting to $10 billion a year, which is a really big number, and together with the supplier community, we're working to achieve that," he said. McMillon, who is on a two-day India tour, also had a walk-through here that highlighted Walmart's India growth story, covering exports, digital innovation, building inclusive supply chains and empowering communities. Besides, he interacted with some of the sellers, who were trained under its supplier development programme, Walmart Vriddhi. On its e-commerce arm Flipkart and digital payments solution PhonePe, McMillon said, "What our teams have done to grow those businesses over the years has been inspiring." "We are really learning a lot from those businesses, the ability to innovate, the ability to move with speed, the ability to serve more and more customers, to develop sellers, to build an e-commerce marketplace, business that has just a really bright future and the chance to create a lot of opportunities for everyone," he added. On PhonePe, McMillon said the financial services businesses, already reaches a lot of people "and helps us make things more efficient easier". "We are very proud of what's happening with the bumblebee business... I'm really excited to hear about the work that's happening with agriculture," he said. Last year, Walmart said it had sourced goods worth over $30 billion from the Indian market in the last two decades for its global operations. Walmart is in India for over two decades. Walmart Global Sourcing set up office in Bengaluru in 2002, enabling Indian manufacturers to export to the US, Canada, Mexico, central America, and the UK, supplying products to Walmart stores. Earlier this month, Walmart said it is connecting with one lakh more micro, small, and medium enterprises (MSMEs) in the next three years in its supplier development programme in India, Walmart Vriddhi. Through its Vriddhi initiatives, Walmart is empowering the Indian MSMEs with critical business skills and market access, which has helped them to scale their business sustainably and contribute to India's economic growth story. Launched in 2019, Walmart Vriddhi has trained over 70,000 MSMEs so far by enabling access to digital commerce, personalised mentorship and strategic partnerships. Encouraged by the success of Vriddhi initiatives in India, Walmart has launched similar supplier development initiatives in Mexico (Crece con Walmart) and its home turf, the US (Grow with US).
Axios
29-04-2025
- Business
- Axios
Exclusive: Walmart expands support for American-made products
Walmart is expanding support for American-made products through new programs to help small businesses, the retailer shared exclusively with Axios Tuesday. Why it matters: Growing the pipeline to have more items made in the U.S. can help insulate the world's largest retailer — and consumers — from the effects of tariffs and the trade war. The big picture: Walmart announced a new "Grow with US" program and shared details of the upcoming 2025 Open Call to make it "easier for U.S.-based entrepreneurs to navigate the complexities of retail and bring their products to a national stage." "We anticipate thousands of small businesses will take advantage of these free resources over the coming years," John Furner, Walmart U.S. president and CEO, told Axios. Catch up quick: Walmart said in 2021 that it planned to spend an additional $350 billion by 2030 on items made, grown or assembled in the U.S., which the company estimated would help generate 750,000 jobs nationwide. More than two-thirds of products sold in Walmart U.S. stores are "made, grown or assembled" in the country, company CFO John David Rainey said at the company's investment community meeting earlier this month. "The third that we import comes from all over the world, but China and Mexico are the most significant," Rainey said. Walmart "Grow with US" program Zoom in: Walmart's new "Grow with US" is a four-step program designed to provide U.S. small businesses with training, mentorship and resources needed to grow with the company, Furner said. "We've seen firsthand how investing in small businesses results in better assortment, better meeting the needs of our customer base, and supporting jobs and growth in communities," Furner told Axios. Furner said more than 60% of all U.S. suppliers last year were small businesses. The program is part of Walmart's "expanding commitment to small business development," joining programs around the world, including "Crece con Walmart" in Mexico and "Vriddhi" in India. The programs have graduated 70,000 small businesses in four years, Walmart said. How it works: U.S. small businesses interested in participating can register with Walmart by providing a voluntary Small Business Administration certification, or by requesting verification through the retailer. Walmart Open Call 2025 State of play: Applications for Walmart's annual Open Call event open June 24. U.S.-based small and medium-sized businesses will get the chance to pitch their shelf-ready products directly to Walmart and Sam's Club merchants. Merchandise reviewed could end up on shelves at Walmart or Sam's Club stores, or Walmart Marketplace. The Open Call event is Oct. 7-8 in Bentonville, Arkansas but there are several pop-up pitch events for aspiring suppliers beforehand where some "potentially score a fast pass to our main event in Bentonville," Furner said.
