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Business News » Companies News

Flipkart Internet losses at massive Rs 1,160.6 cr for FY18

E-commerce major Flipkart Internet has trimmed its consolidated losses to Rs 1,160.6 crore for the financial year ended March 2018, as per regulatory documents.

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Flipkart Internet losses at massive Rs 1,160.6 cr for FY18
Flipkart's revenue from operations was at Rs 2,790.2 crore for 2017-18 as against Rs 1,882.4 in the previous financial year, a growth of 48.2 per cent, it added. Image Source:
Written By: PTI
Updated: Sun, Oct 28, 2018
06:34 pm
New Delhi, PTI
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E-commerce major Flipkart Internet has trimmed its consolidated losses to Rs 1,160.6 crore for the financial year ended March 2018, as per regulatory documents. The company had registered a total loss of Rs 1,640.2 crore in the previous fiscal, according to the documents filed with the Corporate Affairs Ministry.

Flipkart's revenue from operations was at Rs 2,790.2 crore for 2017-18 as against Rs 1,882.4 in the previous financial year, a growth of 48.2 per cent, it added. When contacted, Flipkart declined to comment.

On standalone basis, the total loss narrowed to Rs 1,157 crore, while revenue was higher at Rs 2,790.2 crore for 2017-18 as against the previous year.

Flipkart, which operates different entities for various functions, provides e-commerce and support services through Flipkart Internet. The revenue of Flipkart Internet is mainly generated from services like collection, marketplace, storage and logistics.

Earlier in the year, Flipkart inked a blockbuster deal with Walmart under which the American retailer picked up about 77 per cent stake for about USD 16 billion. The deal gave handsome return to investors like SoftBank who sold their complete shareholding.

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In India, Flipkart is locked in an intense battle with US-based e-tailing giant Amazon with both entities pumping in millions of dollars towards promotions, building infrastructure and logistics as they woo customers to shop online. Studies indicate the Indian e-commerce market is set to cross USD 200 billion over the next few years. 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
FlipkartE-commerce
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Amazon Great Republic Day Sale and Flipkart Big Saving Days Sale | Big discounts on iPhone 12 mini, iPhone 11, Samsung Galaxy F41, Redmi 9 Power, Samsung Galaxy M51 Amazon Great Republic Day Sale and Flipkart Big Saving Days Sale | Big discounts on iPhone 12 mini, iPhone 11, Samsung Galaxy F41, Redmi 9 Power, Samsung Galaxy M51
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