Flipkart Dominates Walmart International’s Ad Biz Growth In Q1

Flipkart led from the front as the ecommerce juggernaut contributed the lion’s share to the growth of parent Walmart international’s ad business in the first quarter ended April 30, 2025. 

“… Our advertising business across markets increased 50%, including Visio… Sam’s Club US ad business was up 21%, and we saw 20% growth in our international markets led by Flipkart,” said Walmart CFO John David Rainey in the earnings call.

Flipkart, along with China, also contributed heavily to the growth of the company’s international business. Sales of Walmart’s international business grew 7.8% year-on-year (YoY) to $32.1 Bn (in constant currency) during the quarter under review. Rainey attributed this growth largely to China and Flipkart. 

However, Walmart International’s operating income, in constant currency terms, declined 6.4% YoY to $1.4 Bn, largely on the back of “strategic growth investments for Flipkart, Walmex, and Canada”.

Nevertheless, senior vice president of investor relations at Walmart, Steph Wissink, said that the US-based retail major is “proud of the progress” that the company has been making at Flipkart. 

The intensifying quick commerce race in India also found mention in the retail major’s earnings call. Walmart CEO Doug McMillan expressed confidence that Flipkart would strengthen its quick delivery business in the country despite navigating “cost of goods changes”.

“And in China and India, we’re frequently talking about delivery times that happen in minutes. We’re confident in our ability to strengthen this business even as we navigate cost of goods changes. Our short and longer term opportunities are clear,” added McMillan. 

He also called India one of the biggest markets for Walmart globally. 

Earlier this week, it was reported that Flipkart is planning to limit the expansion of its quick commerce platform, Minutes, to the top six to eight cities to reduce cash burn. The decision comes at a time when other major players like Zepto, Swiggy Instamart, and Eternal-owned Blinkit are spending billions to expand their presence.

Flipkart believes that since more than 90% of the quick commerce volumes are generated from the top eight cities, it makes sense to focus on major markets like Delhi NCR, Mumbai and Bengaluru. 

This comes even as Flipkart CEO Kalyan Krishnamurthy last month said that the company was looking to increase the dark store count of Minutes to 800 by the end of 2025.