Flipkart sees 12 percent rise in FY20 revenue at Rs 34,610 crore
Flipkart India Pvt Ltd, the wholesale arm of the Walmart-owned e-commerce company, witnessed a 12 percent rise in its revenue at Rs 34,610 crore ($4.7 billion) for the financial year 2020.
With the jump in revenue, the company managed to trim its losses by almost 18 percent to Rs 3,150 crore, as compared with Rs 3,835 crore in the previous year.
Flipkart’s total expenses for the financial year stood at Rs 37,760 crore, from Rs 34,766 crore in 2018-19. This included employee benefit expenses of Rs 309 crore.
Despite the Covid-19 pandemic, Flipkart has been witnessing strong sales on its platform and expected to consolidate further during the current fiscal year.
Earlier in July, the Flipkart Group -- which owns fashion platform Myntra, digital payments company, PhonePe, and logistics arm, Ekart -- raised $1.2 billion in investment led by parent Walmart, which valued the Group at around $25 billion.
Flipkart India’s majority income is from the wholesale sale of products. The company continues to make heavy investments to strengthen its foothold in the Indian market to compete with rivals like Amazon and Reliance.
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