Flipkart Group narrows losses to Rs 17.2k Cr in FY19

The group managed to achieve a 63 percent reduction in losses from Rs 46,895 crore ($6.6 billion) in FY18 to Rs 17,231 crore ($2.42 billion) for FY19.

2nd Nov 2019
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Flipkart Ltd, the Singapore holding company of the Indian ecommerce major, narrowed its losses to Rs 17,231 crore ($2.42 billion) for the financial year ended March 2019, while revenue grew by 42 percent over the previous year, according to financial data platform Paper.vc.


The group managed to achieve a 63 percent reduction in losses from Rs 46,895 crore ($6.6 billion) in FY18 to Rs 17,231 crore ($2.42 billion) for FY19, it said.


Flipkart Group CEO, Kalyan Krishnamurthy

Flipkart Group CEO, Kalyan Krishnamurthy




Flipkart posted Rs 42,878 crore revenue from contracts with customers with the total revenue adding up to Rs 43,615 crore ($6.14 billion), it added.


The group's revenue in FY19 was 42 percent higher than the previous year's revenue of Rs 30,644 crore ($4.32 billion), Paper.vc said.


Flipkart declined to comment.


In August last year, the US retail giant Walmart had picked up a 77 percent stake in Flipkart for $16 billion. Flipkart Group operates a number of entities like ecommerce marketplace Flipkart, fashion portals Myntra and Jabong, digital payments through PhonePe, a wholesale unit, and logistics unit Ekart.



The company had recently said it is setting up a new food retail unit under 'Flipkart Farmermart'.


The group's overall expenses went down significantly from Rs 77,539 crore ($10.89 billion) in 2018 to Rs 60,897 crore ($8.55 billion), the document said attributing the decline to a steep reduction in finance costs.


Excluding finance costs, overall group expenditure went up by 55 percent. Employee benefit expenses shot up by 58 percent to Rs 4,254 crore ($600 million).


Flipkart Group spent $46.8 million on acquisitions in 2019, including $21.4 million on the September 2018 acquisition of Israel-based Upstream Commerce and $10.5 million on the acquisition of Bengaluru-based Liv AI, it said.




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