New Delhi: In an announcement, Walmart Inc, which operates 28 wholesale stores in India, stated that 56 associates at its corporate office in India were laid off.

Walmart, the world’s largest retailer, stated that the move to axe some of its personnel was done with an aim to increase operational efficiency in an underserved market.

Through its 28 stores, the company supplies goods to shop keepers and does not interact directly with retail consumers

President and CEO of Walmart India, Krish Iyer stated the company needed to review its corporate structure in order to operate more efficiently and to ensure that it is organised in the right manner.

"As part of this review, we have let go 56 of our associates across levels at the corporate office. All of the 56 impacted associates (eight in the senior management and 48 in the middle/lower management) have been offered enhanced severance benefits and outplacement services to support their transition," Iyer said in a statement.

Taking the opportunity to talk about the positives, Iyer stated that Walmart India, in order to maintain a healthy pipeline of Best Price stores, is investing heavily in technology.

"Walmart remains committed to growing its business-to-business cash-and-carry business in India. We opened six new Best Price modern wholesale stores, one fulfilment centre and our sales grew 22% in 2019," he said.

Walmart has also made headway into the e-commerce sector, shelling out $16 billion for majority stake in Flipkart.

With an annual growth rate of 51%, India has become fastest growing e-commerce market, states a new report by the Competition Commission of India, adding that revenue in the sector is expected to increase from $39 billion in 2017 to $120 billion this year.

Iyer said that the company would continue to make investments in its brick-and-mortar stores and e-commerce, as it realises that is members are increasingly turning into omni-channel shoppers.

With ANI inputs