Flipkart Internet Grows Revenue By 21% YoY, Losses Down By 41%

Marketplace arm of Flipkart, Flipkart Internet’s revenue grew 21% year-on-year (YoY) to INR 17,907.3 Cr for the financial year 2023-24 (FY24), according to the regulatory filings from Tofler. 

The company reported a decline of 41% in its losses, down to INR 2,358 Cr. 

Notably, the company’s marketplace fee income for the year in the review remains stagnant, to INR 3,734.2 Cr from 3,713.2 Cr in the year ago period. However, its income from collection services went up to INR 1,225.8 Cr from INR 1,114.3 Cr in the same period. 

Earlier this year, the company received INR 1,421 Cr (around $170 Mn) from its Singapore parent via an internal cash transfer.

The transfer was done in two tranches — on March 23 and on April 6, RoC filings showed.

This is the second major fund infusion by the Singapore-based entity into Flipkart Internet. 

Last month, it received about INR 924 Cr ($111 Mn). Flipkart Internet has received around $282 million in 2024 alone from its Singapore related entities.

This comes as the company is facing stiff competition from the quick commerce players in India. To fight this, it even launched a new venture called ‘Flipkart Minutes’ in select cities of India. 

In April, Flipkart appointed Hemant Badri, its senior vice president and group head of supply chain, as the head of its quick commerce vertical. The ecommerce juggernaut was also reportedly mulling to operate around 100 dark stores to charge up its quick commerce play during the festive season this year. 

Meanwhile, the operating revenue of the company rose 42% year-on-year (YoY) to INR 14,845.8 Cr in the financial year 2022-23 (FY23). Its loss declined 9% to INR 4,026.5 Cr during the year from INR 4,419.5 Cr in FY22.