India, June 19 -- Can Flipkart beat a mile a minute? As the road to D-Street neared its end, the ecommerce giant has flicked into quick commerce, rolling out Minutes. The question now staring at its American parent Walmart is how much cash burn will it endure as a late entrant in a party of seasoned players.

Digital payments major PhonePe, another Walmart-run entity, had to fork out a fortune for a reverse flip to India ahead of its public float next year.

The US retail behemoth is in no mood to sit on its two big-ticket acquisitions. Walmart had spent $16 Bn when it picked up 77% stake in Flipkart in 2018 and subsequently raised it to 80%. The entire block is worth around $30 Bn today, while its 70% holding in PhonePe is pegged at $6-7...