Synopsis
Walmart CEO John Furner met with Indian Prime Minister Narendra Modi. The meeting focused on India's economic growth and investment opportunities. Walmart has sourced $40 billion in goods from India. The company is expanding its digital commerce and payments sectors. Flipkart and PhonePe are planning public listings in India. Walmart is committed to increasing its presence in the country.The discussions focused on India’s economic growth trajectory, export potential, and opportunities for increased foreign investment, according to the company’s post on X.
The meeting is part of the Walmart president’s three-day maiden visit to India. Walmart, which entered India through its acquisition of Flipkart in 2018, has steadily expanded its footprint in the country’s fast-growing digital commerce and payments sectors.
India is one of the most dynamic opportunities in global commerce, Furner said, adding the company has sourced goods worth $40 billion from the country so far.
"We have already sourced more than $40 billion in goods from India and are focused on strengthening entrepreneur and supplier capabilities, raising compliance and quality standards, and helping scale manufacturing so more Indian businesses are ready to export," he said.
His visit comes as both Flipkart and PhonePe plan their public listings in India. Walmart owns over a 70% stake in PhonePe whereas it holds 80% stake in Flipkart.
This comes at a time when Walmart announced a series of executive changes making John Furner the CEO of the world's largest retailer on February 1, replacing Doug McMillon in January.
David Guggina became CEO of Walmart's largest division, Walmart US, replacing Furner in that role and Chris Nicholas as CEO of its $100 billion Walmart International division.
According to a company filing, Furner's annual base salary is set at $1.5 million. He will receive a one-time stock award worth $10 million and be eligible for an annual equity award valued at approximately $17 million in fiscal 2027.
Walmart became the first retailer ever to hit $1 trillion in market valuation in February, riding on a year-long rally that has seen its shares rise nearly 26%.
