BENGALURU: Flipkart Group announced on Thursday the launch of Flipkart Wholesale, a new digital marketplace, and the acquisition of a 100 percent interest in Walmart India Private Limited, which manages the best cash and transportation business.
The company said in a statement that Kiranas and MSMEs are essential to the retail ecosystem in India, and Flipkart Wholesale will focus on meeting its needs by providing a wide range of small businesses with great value.
"Whether in the grocery, general merchandise, or fashion field, these companies will enjoy comprehensive access to a wide range of products with attractive schemes and incentives, plus data-driven recommendations for stock selection, presented through a fast and reliable network to increase efficiency and better margins."
Best Price currently supports more than 1.5 million members, including Kiranas and other MSMEs.
The statement says that the best local Indian brands, manufacturers, and sellers have partnered with Flipkart Wholesale to ensure that Kirana and MSMEs have a wide range of products and merchandise.
Kalyan Krishnamurthy, CEO of Flipkart Group, said: "The acquisition of Walmart India adds a strong pool of talents with deep experience in wholesale trade that will enhance our position to meet the needs of kiranas and unique MSMEs."
Flipkart Wholesale will start operating in August 2020 and will provide services for the grocery and fashion categories.
It will be directed by Adarsh Menon, a Flipkart veteran.
Sameer Agarwal, CEO of Walmart India, will remain with the company to ensure a smooth transition, after which he will move to another position at Walmart.
With the acquisition of the Walmart India business, its employees will join the Flipkart Group and the home office teams will merge over the next year.
The Best Price brand will continue to serve its members through the multi-channel network of 28 stores and e-commerce operations.
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