American retailer Walmart has injected new investment into India, demonstrating a renewed optimism for the market.

Walmart has invested 6.2 billion rupees ($102.9 million) into its Indian wholesale business, its second capital infusion since separating from former partner Bharti Enterprises.

“The equity infusion is to fund our working capital and capex requirements of our cash-and-carry business,” Krish Iyer, CEO of Walmart India, said.

Walmart plans to add 50 new cash and carry stores over the next four to five years across the nation, adding to its current 20.

It also plans to roll out more e-commerce platforms, having received encouraging response from its wholesale e-commerce stores launched in Lucknow and Hyderabad.