Walmart invests $103 million in Indian wholesale

Walmart (NYSE:WMT) has invested $103 million in its Indian operations with the goal of expanding the number of wholesale stores as well as its online presence.

Walmart intends to establish 50 more wholesale stores in India in the next five years, reported Chain Store Age. It currently has 20 locations in India.

The investment will be used to meet working capital and capital expenditure requirements. The funding will also offer 24-hour customer service for local retailers, who Walmart serves through local Indian wholesale stores.

"The equity infusion is to fund the working capital and capex requirements of our cash-and-carry business in India," Rajneesh Kumar, VP for corporate affairs at Walmart India, wrote in an email, according to MarketWatch.

Walmart piloted an e-commerce site for retailers in the cities of Hyderabad and Lucknow last month. A full rollout in India is planned for early 2015.

Due to country regulations, Walmart has been unable to open big box stores there.

For more:
-See this Chain Store Age article

Related stories:
Kmart offers $1 check cashing
Walmart expands Care Clinic
Walmart: Small stores and convenience key to Walmart's future
Walmart: e-receipts are a platform for new technologies
Walmart profit drops 5% as small-format stores, Web sales grow