Flipkart Internet receives Rs 722 crore in funding from Singapore-based parent company
Flipkart Internet has been given a Rs 722 crore funding injection from its Singapore-based parent company. The funding for e-commerce giant Flipkart’s marketplace arm was approved at the end of December and went through in January, 2023.
Flipkart Internet has received its first funding of 2023, according to regulatory findings on business intelligence platform Tofler, accessed by ET Tech. Flipkart Internet received the funds from Flipkart Marketplace Private Limited and Flipkart Private Limited, both based in Singapore.
In the 2022 financial year, Flipkart Internet reported a 33% increase in its operating revenue which totalled Rs 10,476 crore. However, the financial year also saw the business’ losses rise to Rs 4,400 crore.
Flipkart’s parent entity is based in Singapore and a number of its business units are based in India. The business is owned by US-based retail giant Walmart which means it operates in India as a foreign business and this makes it subject to foreign direct investment regulations.
Flipkart Internet’s main revenue stream comes from commissions on products sold by its third party sellers. The business also gleans revenue from advertising as well as other merchant services it offers.
Some of the business entities Flipkart has been focusing on investing in in the past few months include its value shopping platform Shopsy and its travel platform Cleartrip. The business plans to expand its new offerings while continuing to grow its core businesses which include fashion and smartphones among others.
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