Walmart Added USD 102.9M in Indian Wholesale Business

walmart_y5kb7In order to scale up its current model of wholesale business, Walmart, has added USD 102.9 million into its Indian wholesale business in June, according to a filing made by its Indian unit to the Registrar of Companies. The funds were allotted as share application money, the filing showed. Recently, it has also appointed Krish Iyer as the President and CEO for its India operations.

At present, it runs 20 wholesale stores in the country and plans to roll out 50 more over four to five years. Earlier this month, retailer has already launched its e-commerce operations, to sell to small businesses, in the cities of Lucknow and Hyderabad.

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Reliance Industries Limited is also planning to launch multi channel shopping in the coming year and the Future Group had launched its e-commerce business with Big Bazaar.

Earlier, Walmart had started its innovation lab in Bangalore and drove its 12th acquisition with Adchemy.

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