Walmart's Vriddhi Initiative Expands to Empower 100k MSMEs in India

Walmart's supplier development initiative, Walmart Vriddhi, has joined forces with the Ideas to Impact Foundation (i2i) to empower an additional 100,000 micro, small, and medium enterprises (MSMEs) in India over the next three years. This partnership is set to enhance access to national and international markets, according to an official announcement.

Since its inception in 2019, Walmart Vriddhi has trained over 70,000 MSMEs by providing access to digital commerce platforms, personalized mentorship, and strategic partnerships. The program equips entrepreneurs with vital business skills, employing digital tools for training in finance, marketing, workforce management, and environmental sustainability.

Graduates of Walmart Vriddhi have reported a substantial annual growth rate of 55%, attributed to the program's support. Participants will benefit from a collaborative approach devised by Walmart, Flipkart, and Ideas to Impact Foundation. This comprehensive strategy offers digital skilling tools, onboarding processes, and mentorship, aimed at empowering entrepreneurs to scale their businesses effectively.

Jason Fremstad, Walmart's Senior Vice President of Supplier Development, highlighted the challenges faced by micro enterprises lacking market access and business skills. Fremstad emphasized Walmart's commitment to providing free tools for digital expansion, sustainability, and export readiness, aiming to support Indian small businesses towards a more connected future.

The Walmart Vriddhi program also facilitates cross-border trade via the Walmart Marketplace and other online platforms. Rajneesh Kumar, Flipkart Group's SVP and Chief Corporate Affairs Officer, expressed Flipkart's dedication to empowering MSMEs by democratizing digital commerce and enabling growth opportunities through collaborative efforts like Walmart Vriddhi.

As part of its expansion strategy, Walmart Vriddhi has signed a Memorandum of Understanding with the Haryana government and anticipates similar agreements with other states. Initiatives like these, modeled after Walmart's successful programs in Mexico and the US, further emphasize the company's dedication to inclusive growth for MSMEs.

(With inputs from agencies.)