The company has been successfully able to narrow down its loss figures by around Rs 520 crores in the financial year that ended in March 2018
E-commerce giant Flipkart Internet’s revenue increased by 48.2 percent in the 2017-2018 in comparison to the 2016-2017 period. Flipkart Internet’s revenue from operations stood at Rs 2,790 crore during 2017- 2018 period, representing a jump of around Rs 908 crore in comparison to Rs 1,882 revenue, it had reported in the previous fiscal year. The revenue figures are sourced from the documents filed with the Corporate Affairs Ministry of India.
Amazon India is the biggest e-commerce portal competing against home-grown Flipkart Internet in the country.
Narrowed losses
The company has been successfully able to narrow down its loss figures by around Rs 520 crores in the financial year that ended in March 2018.
Flipkart had reported a consolidated loss of Rs 1,160 in the previous fiscal year, which is approximately Rs 520 crores more than what it had filed for the fiscal year that ended in March 2018.
Walmart Factor
Earlier this year, Bangalore based Flipkart had signed a ground-breaking deal with America based Walmart. The American retailer, Walmart, as per the deal has picked up about 77 per cent stake in Flipkart for a mammoth amount of about $ 16 billion.
The deal not only gave handsome returns to Flipkart’s investors like SoftBank but had also left its founders rich by crores.
Flipkart has been aggressively pumping in money for marketing and advertising to woo consumers after its deal with the Walmart. Walmart’s market strategy in US is not merely limited to an online e-commerce portal as it also owns and operates around 6,363 stores there.
Walmart is counted as a leading Amazon competitor in US.
