Flipkart's loss widens; reaches Rs 4.3k Cr in FY22
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New Delhi: Indian e-commerce giant Flipkart, owned by Walmart, sustained an increased loss of Rs 4,362 crore in FY22. This is a 51 per cent increase from the previous financial year, IANS reported.
In FY22, Flipkart registered Rs 10,659 crore as revenues, an increase of 31 per cent (-on-year), business intelligence platform Tofler reported.
However, Flipkart's total expenses in the same year reached Rs 15,020 crore.
Recently, the company achieved more than 1 billion customer visits on its platform during The Big Billion Days (TBBD) festive sales.
Walmart's filings with the US Securities and Exchange Commission (SEC) stated that Flipkart spent $1.1 billion from February 1 to July 31.
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. Walmart may bring strategic investors into Flipkart via this fundraising, media reports suggested.
Amazon India, however, made a 32.5 per cent growth (YoY) by reporting Rs 21,462 crore in revenue for its marketplace vertical called Amazon Seller Services. Further, it had narrowed its losses by 25 per cent to Rs 3,649 crore in FY22.