Last year Walmart decided to take over Flipkart. It was a surprise move by one of the biggest e-commerce organization in the entire world to take over an Indian company.
Walmart has never done investments into the Indian projects before, let alone buying an organization of its own.
So it did spring a lot of surprises when Walmart decided to buy Flipkart for a Whooping $16 billion. People were curious to
know if Walmart will yield any sort of profit from this risky move, well, they did find results much earlier then they would have expected.
Walmart had introduced “PhonePe” last year, a digital payment app for users in India. Till last year,Paytm was ruling Indian market in digital payment apps by a long shot but now PhonePe has taken over the market in a very short span of time.
The popularity of the app has grown so much so that it has gotten a worth of $10 Billion. It’s a surprise to all the trade pundits across the nation who didn’t speculate Walmart to get the overwhelming success in such a short span of time. In fact, Walmart themselves might not have projected this much of benefit in this little amount of time.
Although some experts claim that PhonePe might even have exceeded the worth to $15 billion, it has not yet been confirmed. PhonePe will take over the market in India for Walmart while Flipkart will still be a subsidiary company.