Flipkart India’s net loss widens even as the wholesale unit’s revenue for 2022-23 rose by 9% to Rs 56,013 crore compared to a year ago
New Delhi: Flipkart India Private Limited, the wholesale arm of Flipkart Group, has posted a 42% loss to the tune of Rs 4,846 crore in the fiscal year ending March 2023, compared to a year ago.
Flipkart India’s net loss widens even as the wholesale unit’s revenue for 2022-23 rose by 9% to Rs 56,013 crore compared to a year ago, according to Registrar of Companies (RoC) data accessed by business intelligence company Tofler.
“The company’s total expenses for the fiscal were reported as Rs60,858 crore,” Tofler said in its report.
Flipkart Group operates two eponymous units: the wholesale company Flipkart India and the flagship e-commerce marketplace operator Flipkart Internet Pvt. Ltd.
Flipkart is one of the two top e-commerce marketplaces in India alongside US-based Amazon.
Flipkart is the flagship India business venture of US retail titan Walmart Stores Inc. In 2018, Walmart acquired Flipkart Group for about $16 billion and since then the Bentonville-based retailer has infused billions of dollars into Flipkart to grow the business in India as well as to compete with its US rival Amazon.
Meanwhile, Walmart India Ltd., the business-to-business local venture of Walmart reported its net loss jumped by 60% to Rs 478 crore for the fiscal year 2022-23 compared to 2021-22, Tofler said.
Walmart India, which earlier operated 28 wholesale stores under the Best Price brand, reported that its revenues for the financial year 2022-23 increased by 7% to Rs 5,006 crore, according to Tofler.
