Walmart’s e-commerce sales zoomed by over 97% during the second quarter as more customers shopped online because of the Covid-19 pandemic.
Walmart CEO Doug McMillon on Tuesday said the gross merchandise value (GMV) of the products sold on Flipkart, its majority-owned subsidiary in India, had surpassed that of the pre-Covid levels.
Walmart’s e-commerce sales zoomed by over 97% during the second quarter as more customers shopped online because of the Covid-19 pandemic. Walmart said while Flipkart’s operations were affected by government-mandated closures, its sales have exceeded pre-Covid levels after India opened up.
In July, 2018 Walmart invested $ 16 billion to get a majority stake in the Indian e-commerce giant. In July, it led a $1.2-billion round in Flipkart, valuing the e-commerce firm at $24.9 billion.
