Flipkart Internet reports nearly 21% rise in FY24 revenue, cuts down losses
The marketplace arm of Flipkart reported a 41% drop in its net losses to Rs 2,358 crore.
Flipkart Internet on Monday reported a 21% rise in its FY24 revenue to Rs 17,907.3 crore helped by rising income from its advertising services, according to regulatory filings.
The marketplace arm of Walmart-owned Flipkart reported a 41% decline in net loss to Rs 2,358 crore compared with Rs 4,028.1 crore loss incurred in the previous fiscal year.
However, the company saw its expenses rise during the period to Rs 20,627.4 crore from Rs 19,024.2 crore in FY23, bogged down by a 15% rise in employee benefit expenses along with rising finance costs and other expenses.
The results come after Flipkart’s Singapore holding company infused Rs 1,421 crore in the Indian marketplace entity in two tranches on March 23 and April 6, according to regulatory filings.
In August, Flipkart launched its quick commerce operations ‘Minutes’ in an attempt to compete with Zomato’s Blinkit and IPO-bound Swiggy’s Instamart. It was earlier reportedly eyeing to buy the quick commerce unicorn Zepto but the talks fell through.
US-based retail giant Walmart said that the ecommerce platform delivered double-digit topline growth during the April to June quarter, with its contribution margin expanding significantly in the second quarter.
Additionally, Flipkart India Ltd, which is Flipkart’s business-to-business (B2B) arm, reported a 26.4% rise in revenue from operations to Rs 70,541.9 crore in FY24 from Rs 55,823.9 crore in FY23.
The entity also managed to cut down its losses for the period despite a 23.3% year-on-year rise in expenses. It reported a loss for the year ended March 31 of Rs 4,248.3 crore compared with Rs 4,897 crore incurred in the previous year.
Edited by Kanishk Singh
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