Flipkart Internet, which runs the B2C e-commerce major Flipkart.com, reported a widened loss of INR 1,950.5 crore (USD 265 million) for the financial year ended March 2020 from the INR 1,625.7 crore loss recorded a year earlier, as transactions on the website stopped during the lockdown earlier this year.
In its regulatory filing to the Registrar of Companies, it revealed a total income jump of 31.5% to INR 6,319 crore (USD 859 million) for FY 2019-20 compared to INR 4,803 crore (USD 653 million) in the last financial year. The company earns its revenue from e-commerce sales, IT, and marketplace services.
The Walmart-owned e-commerce behemoth also filed regulatory filings for its B2B arm Flipkart Wholesale, local media Entrackr reported. The company in its regulatory filing said its revenue grew from INR 34,170.5 crore (USD 4.64 billion) in FY 2019-20, recording an increase of 12% compared to INR 30,571.2 crore (USD 4.15 billion) in FY 2018-19.
While its expenses grew by 8.6% in the current financial year, it reported a 22.3% dip in losses which fell to INR 3,150.3 crore in FY 20 over INR 3,853 crore in the previous financial year.
Flipkart Wholesale sells products to other online businesses that list these products back on Flipkart’s consumer-facing product Flipkart.com.
Flipkart competes with Amazon India as well as Reliance-owned JioMart to get a bigger pie of the e-commerce market that is expected to reach USD 94 billion by 2023. Currently, it’s preparing for an IPO in the US at a valuation of USD 40 billion. Walmart is planning to sell around 25% stake in Flipkart in the initial share sale to raise around USD 10 billion, local media Mint reported.