Flipkart does not aspire to play a role in global markets: Binny Bansal

Even though it now has the backing of global retail giant Walmart, home-grown e-commerce major Flipkart says it does not aspire to play a role in global markets. It would instead continue to bet on India, where opportunities are immense.

In a fireside chat with Sudhir Sethi, founder and chairman of IDG Ventures India, on Tuesday evening, Flipkart co-founder Binny Bansal said that e-commerce and retail were very local businesses and it was difficult to take the model and apply outside. Calling India a land of opportunities, Bansal said the country was the last big market and there were no such markets to take the model into.

“There are too many opportunities in India to build around e-commerce, such as financial services. We want to do more around Indian customers rather than stretch ourselves to markets where competition might be more,” Bansal added.

Opening up about the US retail giant Walmart’s deal with Flipkart, Bansal said since it was not a full acquisition, the deal went quite smoothly.