Walmart’s Q4 Gross Margins Benefit From Flipkart’s Big Billion Days Sale - Related to capital, margins, days, startups, €44m
4Founders Capital launches new €44M fund for Spanish-linked startups
Barcelona-based VC 4Founders Capital has launched its third fund, 4Founders Capital III, having secured €44M, primarily from existing investors.
4Founders Capital III will focus on Spanish-linked companies and plans to invest in approximately 40 high-potential tech startups, with initial investments ranging from €250,000 to €2M, and will provide follow-on investments to those demonstrating strong growth.
The fund has already initiated its investment activities by participating in Punto Post's €1M funding round. Punto Post is a startup aiming to transform last-mile logistics in Mexico through a SaaS solution integrated with e-commerce and logistics operators.
Additionally, 4Founders Capital has invested in Mogu, a startup offering a SaaS platform designed to accelerate sales for travel agencies.
"Thanks to the strong returns from our first two funds and the continued support of our existing investors, we have successfully completed the first closing of 4Founders Capital III," stated Marc Badosa, co-founder of 4Founders Capital.
The firm's first fund, 4Founders Capital I, launched in 2017 with €12M, has invested in 27 startups and secured nine exits, including the notable success of Holded, which returned the entire fund within five years.
Currently, 4Founders Capital I holds 13 high-potential companies in its portfolio, including The Hotels Network, Mailsuite, and Flanks. The second fund, 4Founders Capital II, launched in 2021 with €50 million, expanded the investment strategy, building a portfolio of 38 startups, with standout companies such as Embat, Zenrows, Vidext, TaxDown, Viterbit, and Invofox.
"Thanks to the strong returns from our first two funds and the continued support of our existing investors, who have once again placed their trust in us, we have successfully completed the first closing of 4Founders Capital III," mentioned Marc Badosa, co-founder of 4Founders Capital. "This new fund allows us to continue backing the most promising tech startups and to help them scale globally. Our experience, consistency, and track record with the previous two funds have been key to achieving this successful first closing, especially given the current market environment."
PhonePe reported a consolidated net loss of INR 1,996 Cr in FY24 on an operating revenue of INR 5,064 Cr.
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PhonePe Kicks Off IPO Preparations
PhonePe reported a consolidated net loss of INR 1,996 Cr in FY24 on an operating revenue of INR 5,064 Cr.
However, details about the IPO, like size, valuation, and timeline are not known.
Fintech giant PhonePe has kicked off preparations for its initial public offering (IPO) and its impending public listing.
Fintech giant PhonePe has kicked off preparations for its initial public offering (IPO) and its impending public listing amid a boom in new-age tech IPOs in the country.
The Flipkart-owned digital payments enterprise revealed on Thursday (February 20) that it is commencing preparatory steps in connection with its potential IPO and plans to list on Indian exchanges.
“PhonePe has long aspired to be a public firm in India, having been founded here and being a leader in India’s fintech industry,” it noted in a statement.
The fintech major stated that this is a suitable time for the corporation to go public, citing its strong top line and bottom line growth in the fiscal year 2023-24.
However, details about the IPO, like size, valuation, and timeline are not known.
PhonePe CEO Sameer Nigam presented last year that the firm would not go for an IPO until there was clarity over the UPI market share regulations.
Founded in 2015 by Nigam, Burzin Engineer and Rahul Chari, PhonePe is one of India’s leading fintech companies and UPI platforms. The organization raised more than $1 Bn in funding in 2023 alone. It held an over 48% market share in the UPI market as of January 2025, far ahead of rivals Google Pay and Paytm.
PhonePe was one of the first major new-age tech companies to reverse flip to India. The Walmart-backed corporation shifted its domicile back to India from Singapore in 2022, clearing the path for an imminent IPO.
Over the past few years, PhonePe has diversified beyond its core payments business to enter newer segments such as wealthtech via [website], digital commerce via Pincode, app store (Indus) and digital lending.
Earlier this month, the firm shuttered its account aggregator (AA) business and surrendered its NBFC AA licence to the RBI.
The diverse product portfolio and focus on automation helped the corporation significantly improve its top line in the fiscal year 2023-24. PhonePe saw its revenue from operations zoom 74% to INR 5,064 Cr in FY24 from INR 2,914 Cr in the previous fiscal year.
On the back of strong growth in its revenue and cost efficiency, the fintech major’s consolidated net loss shrank 28% to INR 1,996 Cr during the year under review from INR 2,795 Cr in FY23.
PhonePe’s public listing plans come at a time when India has emerged as a hotbed for new-age tech IPOs. Thirteen startups, including the likes of Swiggy, Ola Electric, Awfis and MobikWik, made their stock market debut last year and cumulatively raised INR 29,000 Cr+ via their IPOs.
The IPO boom is expected to continue this year, with a number of new-age tech companies like Zepto, Smartworks, DevX, BlueStone and Ola Consumer expected to go public.
In a statement, the RBI revealed that it undertook the step.
Walmart’s Q4 Gross Margins Benefit From Flipkart’s Big Billion Days Sale
Walmart’s international net sales jumped more than [website] to $[website] Bn in Q4 2024 from $[website] Bn in the year-ago period.
Flipkart’s BBD sale in 2024 was held between September 27 and October 6, thereby splitting sales between two quarters.
Walmart’s chief financial officer (CFO) John David Rainey noted that Flipkart’s annual Big Billion Days (BBD) sale “benefitted” the gross margins of the retail giant’s international business during the fourth quarter (Q4) of 2024.
“… Gross margins in international *business) benefited from the timing shift of Flipkart’s Big Billion Day event,” Rainey showcased during a post-earnings call on Thursday (February 20).
The Walmart CFO also noted that Flipkart’s BBD event “negatively affected” the business’s year-over-year sales comparisons in Q4 2024.
It is pertinent to note that Flipkart’s BBD sale in 2024 was held between September 27 and October 6, thereby splitting sales between two quarters.
In its investor presentation, Walmart noted, “Timing of Flipkart’s The Big Billion Days (“BBD”) event, which shifted from Q4 last year to majority in Q3 this year impacted growth in Q4 with a corresponding benefit in Q3.”.
Walmart’s international net sales jumped more than [website] to $[website] Bn in Q4 2024 from $[website] Bn in the year-ago period. On similar lines, the presentation noted that the retail giant’s global ecommerce sales jumped 4% during the quarter under review.
Meanwhile, Walmart CEO Doug McMillon reiterated that PhonePe has kicked off preparations for its initial public offering (IPO).
“We also performed well in India. And I’d like to share the news that PhonePe, our fintech business, is making preparations for an IPO in India. Our PhonePe team has long aspired to be a public organization, and we’re excited to be taking these early steps,” McMillon mentioned.
Chiming in, Walmart International’s president and CEO Kathryn McLay added, “The PhonePe business hit $[website] Tn TPV (total payments volume) by the end of January 31 and they have something like 310 Mn transactions daily. It’s a very strong business, and we’re excited to make the announcement that they are going to commence their preparation toward IPO. That’s a significant milestone for PhonePe.”.
This followed PhonePe’s announcement, earlier in the day, that it has already kicked off preparations for an IPO on Indian exchanges. The fintech firm noted that this is a suitable time for it to go public owing to its strong top line and bottom line growth in the fiscal year 2023-24 (FY24).
Shuffling its top deck, the startup also in recent times roped in former TikTok executive Nitin Jain as its new chief technology officer (CTO).
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Market Impact Analysis
Market Growth Trend
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|
| 12.0% | 14.4% | 15.2% | 16.8% | 17.8% | 18.3% | 18.5% |
Quarterly Growth Rate
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 |
|---|---|---|---|
| 16.8% | 17.5% | 18.2% | 18.5% |
Market Segments and Growth Drivers
| Segment | Market Share | Growth Rate |
|---|---|---|
| Digital Transformation | 31% | 22.5% |
| IoT Solutions | 24% | 19.8% |
| Blockchain | 13% | 24.9% |
| AR/VR Applications | 18% | 29.5% |
| Other Innovations | 14% | 15.7% |
Technology Maturity Curve
Different technologies within the ecosystem are at varying stages of maturity:
Competitive Landscape Analysis
| Company | Market Share |
|---|---|
| Amazon Web Services | 16.3% |
| Microsoft Azure | 14.7% |
| Google Cloud | 9.8% |
| IBM Digital | 8.5% |
| Salesforce | 7.9% |
Future Outlook and Predictions
The 4Founders Capital Launches landscape is evolving rapidly, driven by technological advancements, changing threat vectors, and shifting business requirements. Based on current trends and expert analyses, we can anticipate several significant developments across different time horizons:
Year-by-Year Technology Evolution
Based on current trajectory and expert analyses, we can project the following development timeline:
Technology Maturity Curve
Different technologies within the ecosystem are at varying stages of maturity, influencing adoption timelines and investment priorities:
Innovation Trigger
- Generative AI for specialized domains
- Blockchain for supply chain verification
Peak of Inflated Expectations
- Digital twins for business processes
- Quantum-resistant cryptography
Trough of Disillusionment
- Consumer AR/VR applications
- General-purpose blockchain
Slope of Enlightenment
- AI-driven analytics
- Edge computing
Plateau of Productivity
- Cloud infrastructure
- Mobile applications
Technology Evolution Timeline
- Technology adoption accelerating across industries
- digital transformation initiatives becoming mainstream
- Significant transformation of business processes through advanced technologies
- new digital business models emerging
- Fundamental shifts in how technology integrates with business and society
- emergence of new technology paradigms
Expert Perspectives
Leading experts in the digital innovation sector provide diverse perspectives on how the landscape will evolve over the coming years:
"Technology transformation will continue to accelerate, creating both challenges and opportunities."
— Industry Expert
"Organizations must balance innovation with practical implementation to achieve meaningful results."
— Technology Analyst
"The most successful adopters will focus on business outcomes rather than technology for its own sake."
— Research Director
Areas of Expert Consensus
- Acceleration of Innovation: The pace of technological evolution will continue to increase
- Practical Integration: Focus will shift from proof-of-concept to operational deployment
- Human-Technology Partnership: Most effective implementations will optimize human-machine collaboration
- Regulatory Influence: Regulatory frameworks will increasingly shape technology development
Short-Term Outlook (1-2 Years)
In the immediate future, organizations will focus on implementing and optimizing currently available technologies to address pressing digital innovation challenges:
- Technology adoption accelerating across industries
- digital transformation initiatives becoming mainstream
These developments will be characterized by incremental improvements to existing frameworks rather than revolutionary changes, with emphasis on practical deployment and measurable outcomes.
Mid-Term Outlook (3-5 Years)
As technologies mature and organizations adapt, more substantial transformations will emerge in how security is approached and implemented:
- Significant transformation of business processes through advanced technologies
- new digital business models emerging
This period will see significant changes in security architecture and operational models, with increasing automation and integration between previously siloed security functions. Organizations will shift from reactive to proactive security postures.
Long-Term Outlook (5+ Years)
Looking further ahead, more fundamental shifts will reshape how cybersecurity is conceptualized and implemented across digital ecosystems:
- Fundamental shifts in how technology integrates with business and society
- emergence of new technology paradigms
These long-term developments will likely require significant technical breakthroughs, new regulatory frameworks, and evolution in how organizations approach security as a fundamental business function rather than a technical discipline.
Key Risk Factors and Uncertainties
Several critical factors could significantly impact the trajectory of digital innovation evolution:
Organizations should monitor these factors closely and develop contingency strategies to mitigate potential negative impacts on technology implementation timelines.
Alternative Future Scenarios
The evolution of technology can follow different paths depending on various factors including regulatory developments, investment trends, technological breakthroughs, and market adoption. We analyze three potential scenarios:
Optimistic Scenario
Rapid adoption of advanced technologies with significant business impact
Key Drivers: Supportive regulatory environment, significant research breakthroughs, strong market incentives, and rapid user adoption.
Probability: 25-30%
Base Case Scenario
Measured implementation with incremental improvements
Key Drivers: Balanced regulatory approach, steady technological progress, and selective implementation based on clear ROI.
Probability: 50-60%
Conservative Scenario
Technical and organizational barriers limiting effective adoption
Key Drivers: Restrictive regulations, technical limitations, implementation challenges, and risk-averse organizational cultures.
Probability: 15-20%
Scenario Comparison Matrix
| Factor | Optimistic | Base Case | Conservative |
|---|---|---|---|
| Implementation Timeline | Accelerated | Steady | Delayed |
| Market Adoption | Widespread | Selective | Limited |
| Technology Evolution | Rapid | Progressive | Incremental |
| Regulatory Environment | Supportive | Balanced | Restrictive |
| Business Impact | Transformative | Significant | Modest |
Transformational Impact
Technology becoming increasingly embedded in all aspects of business operations. This evolution will necessitate significant changes in organizational structures, talent development, and strategic planning processes.
The convergence of multiple technological trends—including artificial intelligence, quantum computing, and ubiquitous connectivity—will create both unprecedented security challenges and innovative defensive capabilities.
Implementation Challenges
Technical complexity and organizational readiness remain key challenges. Organizations will need to develop comprehensive change management strategies to successfully navigate these transitions.
Regulatory uncertainty, particularly around emerging technologies like AI in security applications, will require flexible security architectures that can adapt to evolving compliance requirements.
Key Innovations to Watch
Artificial intelligence, distributed systems, and automation technologies leading innovation. Organizations should monitor these developments closely to maintain competitive advantages and effective security postures.
Strategic investments in research partnerships, technology pilots, and talent development will position forward-thinking organizations to leverage these innovations early in their development cycle.
Technical Glossary
Key technical terms and definitions to help understand the technologies discussed in this article.
Understanding the following technical concepts is essential for grasping the full implications of the security threats and defensive measures discussed in this article. These definitions provide context for both technical and non-technical readers.
API beginner
How APIs enable communication between different software systemsSaaS intermediate
fintech intermediate
platform intermediate
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