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Walmart owned Flipkart India’s losses increase in 2018-19

Business

Walmart owned Flipkart India’s losses increase in 2018-19

by Shubhangi Bidwe
7 Nov 2019

Flipkart India, the B2B arm of Walmart-owned Flipkart, registered a loss of Rs 3,836.8 crore during 2018-19 as compared to Rs 2,063.8 crore registered for the financial year ended March 31, 2018. Its revenue from operations, however, increased by 42.82 per cent to Rs 30,931 crore in 2018-19 from Rs 21,657.7 crore in the previous financial year. Flipkart, which has its holding company registered in Singapore, operates different entities for various functions and provides e-commerce services through Flipkart Internet. As per reports, the losses of Flipkart Internet increased by 40 per cent to Rs 1,624 crore for the year ending March 31, 2019. The unit saw operating revenues expand by 51 per cent to Rs 4,234 crore in 2018-19 as against the previous fiscal.

In August last year, US-based retail giant Walmart Inc had acquired controlling stake in Flipkart's holding company. Under the deal, Walmart had picked up about 77 per cent stake for about US$ 16 billion, giving handsome returns to investors like SoftBank that had sold their shares. This is a significant positive development for the company and companies in the Flipkart Group.