Flipkart Internet, the marketplace arm of Walmart-owned Flipkart, witnessed a 21% year-over-year revenue growth in FY23-24, reaching Rs 17,907.3 crore and the company's losses declined by 41% to Rs 2,358 crore, signalling improved financial performance on the back of a rise in revenues from the advertising business.
Flipkart Internet operates as a marketplace, connecting sellers with buyers on its platform. The company generates revenue by charging sellers commissions on sales, offering advertising opportunities, and providing value-added services to support their businesses.
According to documents sourced from Tofler, Flipkart Internet generated around Rs 4,972 crore from advertising, up from Rs 3,325 crore in the previous year.
During the financial year ended March 2024, Flipkart Internet’s total expenses went up 8.4% to Rs 20,627 crores in FY24. The firm’s employee benefit expenses went up by 15.51 crores to Rs 5,177 crores.
The financials come seven months after the firm received Rs 1,421 crore (around $171 million) from its Singapore parent through an internal cash transfer, regulatory filings show.
The transfer was done in two tranches — on March 23 and on April 6 -- the Registrar of Companies (RoC) filings, sourced via TheKredible, revealed. This is the second major fund infusion by the Singapore-based entity into Flipkart Internet. On March 4, it received $111 million. Flipkart Internet has received around $282 million in 2024 alone from its Singapore-related entities.
Amazon Seller Services, the marketplace business of Amazon India, saw its standalone net loss widen 33% to Rs 4,854 crores in the financial year 2022-23 (FY23) from 3,649 crores in the prior year and its operating revenue increased merely 3.4% to Rs 22,198 crores during the year under review from Rs 21,462 crores in FY22.
At present, Flipkart leads the e-commerce space in India with a market share of 48 percent, analysts at Bernstein said. Flipkart's gross merchandise value (GMV) stood at around $29 billion in FY23, comfortably ahead of Meesho’s GMV of over $5 billion.
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