The Flipkart Group on Thursday announced the launch of Flipkart Wholesale, a new digital marketplace, and the acquisition of 100 per cent interest in Wal-Mart India Private Limited, which operates the Best Price cash-and-carry business.
Kiranas and MSMEs are central to India's retail ecosystem and Flipkart Wholesale will focus on meeting their needs by providing small businesses a wide selection at significant value, the company said in a statement.
"Whether in grocery, general merchandise or fashion, these businesses will have one-stop access to an extensive selection of products with attractive schemes and incentives, supplemented with data-driven recommendations for stock selection, delivered through a fast and reliable network to drive greater efficiencies and better margins," it said.
Best Price currently supports more than 1.5 million members, including kiranas and other MSMEs.
Top Indian brands, local manufacturers and sellers have partnered with Flipkart Wholesale to ensure the availability of an exhaustive range of products and merchandise for kiranas and MSMEs, the statement said.
Kalyan Krishnamurthy, Chief Executive Officer, Flipkart Group, said, "The acquisition of Walmart India adds a strong talent pool with deep expertise in the wholesale business that will strengthen our position to address the needs of kiranas and MSMEs uniquely."
Flipkart Wholesale will launch its operations in August 2020 and will pilot services for the grocery and fashion categories.
It will be headed by Adarsh Menon, a veteran at Flipkart.
Sameer Aggarwal, Chief Executive Officer at Walmart India, will remain with the company to ensure a smooth transition, after which time he will move to another role within Walmart.
With the acquisition of the Walmart India business, its employees will join the Flipkart Group and the home office teams will integrate over the next year.
The Best Price brand will continue to serve its members via its omnichannel network of 28 stores and e-commerce operations.