Flipkart Internet, the marketplace arm of Walmart-owned e-commerce giant Flipkart, posted a 26% jump in its gross revenue from operations to Rs 70,542 crore in FY24, up from Rs 55,824 crore in FY23. Losses were lower by 13% at Rs 4,248 crore as against Rs 4,897 crore a year ago, as revenue grew faster than expenses, according to its filings.
Among the multiple entities through which Flipkart operates in India, revenue in Flipkart’s marketplace arm primarily includes seller commissions, advertising, and other seller fees. In FY23, 50% growth in its logistics segment — the largest by revenue, helped the company boost its topline and cut losses by 9%.
Total expenses in FY24 rose 23% to Rs 75,038 crore, due to a similar rise in cost of materials, which rose to Rs 73,624 crore from Rs 59,450 crore in FY23. Besides this, employee-related costs and other other operation costs also rose on a year-on-year basis.
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Earlier in year, John David Rainey, chief financial officer at US-based retailer Walmart noted that Flipkart is on its path to profitability, which would also influence the timing of its public market debut.
The company also recently raised $1 billion in a round led by its parent Walmart, where Google invested close to $350 million and became a minority shareholder.
Flipkart has also launched its quick commerce venture Minutes in select cities in India in August, as it looks to compete with established players such as Blinkit, Zepto and Swiggy’s Instamart for a larger share in urban e-retail consumption.
From: financialexpress
Financial News
