Mon. Jun 17th, 2024

Flipkart, an e-commerce segment major, has posted a revenue of INR 43, 615 crore for the financial year 2019, which is a surge of 42 per cent from last years collection, reported ET.

According to the Walmart-owned Flipkart, the revenue growth in this year, has been slower than last years as in 2018, the Flipkart’s total revenue increased by 50 per cent to INR 30,644 crore.

While, the losses for Flipkart comes down to 63 per cent to INR 17,231 crore in FY19, the reason for which is a steep fall in financial and marketplace costs, as per the sources.

“Growth has slowed down from 50% to 42%. While it is still a very healthy growth, losses remain a key cause of concern,” said Satish Meena, senior analyst at Forrester Research.

Flipkart is based out of Bengaluru, founded by Sachin Bansal and Binny Bansal together in 2007. The company initially focused on book sales, before expanding into other product categories such as consumer electronics, fashion, and lifestyle products.

Meena further said that excluding financial cost, which was unusually high last year due to fair value loss on derivative financial instruments, losses have more than doubled in fiscal year 2019.

Some of the other ace players under the similar roof include AmazonSnapdealMyntraBewakoofJabong, among more.

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