Views on Flipkart, Following Our Time in India

In early January, Oppenheimer analysts spent almost a week in India trying to better understand the consumer backdrop, e-commerce efforts from leading players, and the retail landscape in order to help us evaluate Walmart's Flipkart investment. Additionally, the team spent time visiting a number of retail formats and speaking with consumers to understand their online purchasing decisions.

Walmart did not make members of Flipkart senior management available. However, from our time on the ground in India, the team agrees with the assessment of a significant longer-term opportunity online. The market has favorable demographics, low online penetration, and industry data suggest possible robust double-digit growth for the foreseeable future.

The full report includes pictures from the fieldwork, highlighting key themes from the team's work, which will help shed additional light on the market for those who have not spent time in India recently. The full report also includes background on the recent India e-commerce regulations, which could adversely impact Walmart's competitive position in the market.

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