January 18, 2022

The World Live Breaking News Coverage & Updates IN ENGLISH

The World Live Breaking News Coverage & Updates IN ENGLISH

Flipkart reports strong revenue growth in FY21

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Flipkart reports strong revenue growth in FY21
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Flipkart reports strong revenue growth in FY21
Flipkart reports strong revenue growth in FY21

NEW DELHI: Flipkart Internet, the Walmart-backed e-commerce company’s marketplace arm reported a 32% jump in revenues for the financial year 2020-21 on the back of Covid-19 related push.
Flipkart Internet clocked operational revenues of Rs 7,840 crore during the period, while Flipkart’s wholesale arm, Flipkart India reported a 25% growth in revenues to Rs 42,941 crore.
Flipkart Internet, which generates revenues through verticals such as logistics, marketplace fees and payment gateway, however, witnessed its net losses widen to Rs 2,881 crore during the same fiscal.
This is a 49 % increase from the last financial year. The company’s total expenses for the fiscal were reported as Rs 10,996 crore, showed data sourced from business intelligence firm, Tofler.
Flipkart India, which acquired 100% stake in its parent Walmart’s cash & carry operations in 2020, reported a net loss of Rs 2,445 crore during the same fiscal. This is a 22 % decrease from the last financial year.
The company’s total expenses for the fiscal were reported as Rs 45,801 crore.
Flipkart, which competes with US rival Amazon and Reliance Retail in India, is currently doubling down on its grocery business and newer ventures such as hyperlocal arm Shopsy.

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