Flipkart Internet Grows Revenue By 21% YoY, Losses Down By 41%
by Lokesh Choudhary · Inc42SUMMARY
- Flipkart Internet’s revenue grew 21% year-on-year (YoY) to INR 17,907.3 Cr for the financial year 2023-24 (FY24).
- The company reported a decline of 41% in its losses, down to INR 2,358 Cr.
- 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.
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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.
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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.
(The story will be updated soon)