E-commerce major Flipkart Internet has trimmed its consolidated losses to Rs 1,160.6 crore for the financial year ended March 2018, as per regulatory documents.
According to a PTI report: The company had registered a total loss of Rs 1,640.2 crore in the previous fiscal, according to the documents filed with the Corporate Affairs Ministry.
Flipkart’s revenue from operations was at Rs 2,790.2 crore for 2017-18 as against Rs 1,882.4 in the previous financial year, a growth of 48.2 percent, it added.
When contacted by PTI, Flipkart declined to comment.
On standalone basis, the total loss narrowed to Rs 1,157 crore, while revenue was higher at Rs 2,790.2 crore for 2017-18 as against the previous year.
Flipkart, which operates different entities for various functions, provides e-commerce and support services through Flipkart Internet. The revenue of Flipkart Internet is mainly generated from services like collection, marketplace, storage and logistics.
Earlier in the year, Flipkart inked a blockbuster deal with Walmart under which the American retailer picked up about 77 percent stake for about US$ 16 billion. The deal gave handsome return to investors like SoftBank who sold their complete shareholding.
In India, Flipkart is locked in an intense battle with US-based e-tailing giant Amazon with both entities pumping in millions of dollars towards promotions, building infrastructure and logistics as they woo customers to shop online.
Studies indicate the Indian e-commerce market is set to cross US$ 200 billion over the next few years.