New Delhi: Walmart-owned Flipkart’s losses widened to Rs 4,362 crore in FY22, a 51 per cent increase from the last financial year.
The e-commerce platform reported Rs 10,659 crore as revenues in FY22, an increase of 31 per cent (-on-year), according to data accessed by business intelligence platform Tofler.
The company’s total expenses for FY22 were Rs 15,020 crore.
Flipkart recently achieved more than 1 billion customer visits on its platform during the 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 from February 1 to July 31.
In comparison, Amazon India posted a 32.5 per cent growth (YoY) by reporting Rs 21,462 crore in revenue for its marketplace vertical called Amazon Seller Services. The e-commerce giant also narrowed its losses by 23 per cent to Rs 3,649 crore in FY22.
Meanwhile, retail giant Walmart is reportedly raising up to $3 billion for its e-commerce giant Flipkart to further expand its operations in the country.
With new funds, Flipkart’s valuation is set to soar to more than $40 billion, giving a fillip to the Indian funding scene which is going through a harsh winter.
Flipkart Group in July last year raised $3.6 billion to grow and advance the digital commerce ecosystem in India. The investment valued the group at $37.6 billion post the money then.
According to media reports, Walmart may bring strategic investors into Flipkart via this fundraising.
–IANS