50,000 MSMEs To Receive Training In Walmart Vriddhi Institutes
Walmart aims to open 25 Walmart Vriddhi Institutes by 2025
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Walmart Inc. on December 9 announced its Walmart Vriddhi Supplier Development (Walmart Vriddhi) program to train 50,000 MSMEs over the next five years to expand domestic capabilities and participate in the global economy. Local in-person training, hands-on consultation services, and a business support community will be provided as a part of the training.
The training for MSMEs will undertake at local Walmart Vriddhi institutes and will cover all aspects of business management, promoting customer-centric strategies and best practices in workforce management and environmental sustainability. A Walmart spokesperson informs on the development, “The training will emphasize empowering entrepreneurs, including women entrepreneurs, for lasting success. Our goal is to open 3-4 Walmart Vriddhi institutes in 2020 with a total of 25 up and running within five years.”
In 2018, Walmart acquired 77 per cent stakes in the country’s leading e-commerce platform, Flipkart. The Flipkart Group has on-boarded 100,000 plus MSME sellers, with plans to bring thousands more into the ecosystem, and provides sellers close support via 13 regional teams. Walmart Vriddhi will expand on the network of supplier development communities that Flipkart and Walmart already work within India, expanding and accelerating existing programs in MSME training, certification and onboarding to support business growth. Further, the potential of MSMEs to export to other markets through the Walmart marketplace as well as with other retailers will be leveraged. Flipkart’s seller support initiatives provide assistance with financial and tax processes and access to financing.
Judith McKenna, President and Chief Executive Officer of Walmart International, presenting the Walmart Vriddhi this week said, “The Vriddhi program will encourage Indian suppliers to make for online and offline customers around the world, including – but not limited to – the supply chains of Flipkart and Walmart. Whether a supplier has ambitions domestically or around the globe, Walmart Vriddhi will give them the tools they need to succeed.”
Walmart Vriddhi leverages on the Walmart international ecosystem and the local knowledge of partner Swasti, an India-based nonprofit that reserves deep expertise and a strong track record in community development. The Founder and Chief Mentor of Swati, Shiv Kumar stated, “With a mission to empower communities, Swasti is proud to come together with Walmart to prepare 50,000 MSME entrepreneurs to unleash their potential and unlock business opportunities through Walmart Vriddhi. We are excited to help give MSMEs the chance to participate in domestic and global supply chains that will contribute to their profitability and competitiveness and to India's economic development as a whole." Walmart and Swasti to deliver education via university partners at 25 Walmart Vriddhi institutes across India, making training accessible locally in the communities where India’s MSME entrepreneurs live and work.
The institutes will be opened over the next five years at pan-India locations convenient for MSMEs from a wide variety of industries and product categories.