Flipkart’s losses widen to Rs 4,362 crore in FY22, up 51pc | Job Binary

New Delhi: Walmart-owned Flipkart’s losses widened to Rs 4,362 crore in FY22, up 51% from the last fiscal.

The e-commerce platform reported revenue of ₹10,659 crore in FY22, up 31 percent (y/y), according to data sourced by business intelligence platform Tofler.

For the financial year 22, the company’s expenses totaled 15,020 million euros.

MS Education Academy

Flipkart recently achieved over 1 billion customer visits on its platform during The Big Billion Days (TBBD) festive sales.

According to Walmart’s filings with the US Securities and Exchange Commission (SEC), Flipkart spent $1.1 billion between February 1 and July 31.

In comparison, Amazon India reported a growth of 32.5 percent (YoY) at Rs 21,462 crore for its vertical market called Amazon Seller Services. The e-commerce giant also narrowed its losses by 23 percent to Rs 3,649 crore in FY22.

Meanwhile, retail giant Walmart will raise $3 billion for e-commerce giant Flipkart to further expand its operations in the country.

With the new funds, Flipkart’s valuation will rise to more than $40 billion, giving a boost to India’s funding scene, which is going through a tough winter.

Flipkart Group raised $3.6 billion in July last year to grow and advance India’s digital commerce ecosystem. The investment valued the group at $37.6 billion in cash at the time.

According to media reports, Walmart may bring strategic investors to Flipkart through this fundraising.

Source link