How This CEO Targeted Indian Kiranawalas For Walmart's Entry Into Indian Retail
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Joining as the Senior Vice President in 2012, Iyer spearheaded various successful operations in India. His rich experience of over three decades in finance, marketing, retail and general management added great value to his role, helping him to climb the ladders fast. Wrapping up Flipkart for $16 billion would definitely be marked as the most daring step for this CEO.
The company has struck the chord with Indian kiranawalas, helping them to modernize and to adopt best practices. “With the influx of digital influence in the market, my sole aim has been to attract the kiranawalas to buy products from us at an affordable rate. About 95 per cent of our purchase directly comes from farmers and women entrepreneurs,” says Iyer.
Not new to the role of a CEO, Iyer claims that the Walmart-Flipkart deal was not only about penetrating the retail market but the focus was also on shelling out an estimated 2,000 direct and indirect jobs. In line with the government’s policy of allowing 100 per cent Foreign Direct Investment, Iyer has been laying grounds for providing a new and affordable marketplace model to thousands of local farmers, small and medium enterprises, and manufacturers, which in turn will be beneficial to local consumers as well.
With 21 retail outlets at present, my next goal is to open 50 more stores in the next four to five years. “Each new store will be adding about 2,000 direct and indirect jobs,” exclaims Iyer.
(This article was first published in the August 2018 issue of Entrepreneur Magazine. To subscribe, click here)