Speaking at an investor conference, Rainey said, “It is not crazy to think that both those businesses could be $100 billion businesses in the future.”

Executives of the retail giant have earlier signalled the two businesses as key drivers in meeting its target of doubling the gross merchandise volume it sells in foreign markets to $200 billion in five years.

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In the quarter ended April 30, Walmart said its Flipkart business generated double-digit sales growth. This was largely led by new shoppers in some cities and a 50% jump in ad sales. 

In 2022, Flipkart was valued at more than $40 billion.

Walmart also called PhonePe’s performance “really impressive” after it hit an annualized payment value of $1 trillion led by the Unified Payments Interface, Reuters reported.

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According to National Payments Corporation of India (NPCI), PhonePe controlled 46% share of the payments market in December and has 400 million registered users. 

In March, Walmart pumped an additional $200 million in PhonePe at a pre-money valuation of $12 billion.

Updated: 15 Jun 2023, 09:42 AM IST