It’s a salute to the success of Indian startup: Assocham

HYDERABAD: Industry body Assocham sees the Walmart-Flipkart deal as a salute to the success of the Indian startup that pioneered the fledgling online retailing in a country where bulk of the trade is in the unorganised sector.

“Isn’t great that a startup goes on to fetch an enterprise valuation of about $21 billion, making the Walmart equity infusion the largest ever FDI into India,” Assocham secretary general DS Rawat said. “Despite several teething troubles, hats off to Indian entrepreneurs, especially the ‘first generation’. For them, it is no holds barred.”

Rawat also said the roll out of the online retailing has also meant formalisation of the Indian economy and a new ecosystem that rewards entrepreneurship.