Walmart's $16 billion acquisition of Flipkart last year sent the retailer to first place on the list of biggest retail and e-commerce companies in India, according to Euromonitor. E-commerce giant Amazon ranked second, and Future Group and Reliance Group placed in the top five, India's Economic Times reported.
The newspaper reported that Walmart is followed by its US rival Amazon in the list. Homegrown Future Group and Reliance Retail are in the fourth and fifth place respectively on the Euromonitor report titled 'Top 100 Retailers in Asia.'
"Many urban households are adopting more modern lifestyles, especially in big cities such as Bangalore, Mumbai, Pune, Delhi and Hyderabad," the report said. "This behavioural change is impacting retailing in the country. Due to households' hectic lifestyles and the busy schedules of working adults, most consumers in urban areas prefer to make their monthly purchases from modern grocery retailers instead of traditional grocery retailers."
The Economic Times emphasized that Walmart's ranking at top of the India's table is based solely on Flipkart and it does not take into account Walmart's wholesale business in India as the Euromonitor study is only for business-to-consumer retail businesses.