Through its initiative, Walmart is empowering the Indian MSMEs (Micro, Small and Medium Enterprises) with critical business skills and market access. US-based retail giant, Walmart will connect one lakh more MSMEs in the next three years to its supplier development program in India, a company official said here on Thursday. The program, Walmart Vriddhi, has partnered with Ideas to Impact Foundation (i2i), which will enable more MSMEs to expand their access to both national and international markets, helped by the combined strengths of Walmart’s global supply chain and Flipkart’s e-commerce capabilities. “As we approach the next phase of the Walmart Vriddhi program, we are very excited to announce today that going forward, we have partnered with Ideas to Impact Foundation to empower an additional 1,00,000 MSMEs over the next three years,” Jason Fremstad, Senior Vice President of Supplier Development – Sourcing at Walmart International, said. This will also help the Bentonville-headquartered retail company amplify its sourcing of goods from India for its global operations, for which it had earlier set a goal of exports worth USD 10 billion per year by 2027 from here. Through its initiative, Walmart is empowering the Indian MSMEs (Micro, Small and Medium Enterprises) with critical business skills and market access, which has helped them to scale their business sustainably and contribute to India’s economic growth story. “We are also deepening our support for MSMEs by expanding access to market linkages both nationally and internationally through the Flipkart and Walmart marketplaces,” Fremstad said. Launched in 2019, Walmart Vriddhi has trained over 70,000 MSMEs so far by enabling access to digital commerce, personalized mentorship and strategic partnerships.
Encouraged by the success of the Vriddhi initiative in India, Walmart has launched similar supplier development initiatives in Mexico (Crece con Walmart) and its home turf, the US (Grow with US). Participants will benefit from an approach devised by Walmart, Flipkart and the programs implementing partner, Ideas to Impact Foundation, through access, outreach and program management expertise. “We are also introducing new learning tools focused on helping small businesses with visual growth, sustainability and export readiness. We will continue to build new partnerships that connect MSMEs with ecosystem enablers, ensuring that they have not just the knowledge but the networks and opportunities to grow,” he said. Rajneesh Kumar, SVP and Chief Corporate Affairs Officer at Flipkart Group, said that MSMEs are a big component for the company. Now, it has started an initiative named “Samarth”, which helps to empower Indian artisans, weavers and micro-enterprises by providing them with a platform to reach a wider audience and grow their businesses. Now Flipkart app has a dedicated landing page allowing customers to explore the products made by Indian artisans and weavers, he said. “Through strategic collaborations like Walmart Vriddhi, we are collectively enabling entrepreneurs to scale their aspirations and significantly contribute to India’s burgeoning digital economy,” Kumar added. Last year, Walmart said it had sourced goods worth over USD 30 billion from the Indian markets in the last two decades for its global operations. Walmart has been in India for over 25 years. Moreover, Walmart has in the last few years also increased its sourcing basket by adding more products by developing new suppliers here. It sources toys, shoes, bicycles, food, pharmaceuticals, consumables, health and wellness, among others.
Source : https://economictimes.indiatimes.com/small-biz/sme-sector/walmart-to-add-1-lakh-msmes-in-next-3-years-under-vriddhi-scheme/articleshow/121950603.cms?from=mdr
