Dec 15, 2017
Flipkart revenue up 19 percent to Rs 15264 crore for FY17
Dec 15, 2017
India’s top e-commerce major Flipkart’s revenue jumped 19 percent to Rs 15264 crore (approx $2.37 billion) for the financial year ended March 2017.
Flipkart had generated sales revenue of Rs 12818 (approx $2 billion) with a growth percentage of 34% during the last financial year, according to documents posted with the Registrar of Companies.
The slowdown in the e-commerce industry coupled with competition from rivals like Amazon India and Paytm are believed to be some of the reasons behind a decline in the growth percentage of Flipkart.
Interestingly, Flipkart’s fiercest rival Amazon Seller Services, which runs the India unit of the firm witnessed a growth of 41 percent to Rs 3,128 crore (approx 485.3 million) for the same period.
Despite slowdown, Flipkart has somehow managed to retain pole position in India’s e-commerce market and post its recent fundraise of $4 billion would look to continue its dominance in India. Flipkart has raised around $4 billion this year in a series of funding lead by Softbank with $2.4 billion and another $1.4 billion from Tencent, eBay and Microsoft.
India’s e-commerce market has now become a three cornered fight with Alibaba backed Paytm officially entering the battle this year announcing that it would invest $2.5 billion in its e-commerce entity. It remains to be seen if Flipkart can manage to hold on to its throne amidst declining growth and increased competition.
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