Flipkart’s subsidiary Myntra’s loss went up by 46% in 2021-22.
New Delhi: Flipkart Internet Pvt Ltd’s net loss has gone up by 51% to Rs 4,362 crore for the fiscal year ending March 2022 compared to a year earlier.
However, Flipkart Internet, the flagship e-commerce marketplace operator of the Flipkart Group, reported its standalone revenue has jumped 31% to 10,659 crore that year compared to the fiscal year 2020-21, according to Registrar of Companies’ (RoC) financial data accessed by business intelligence platform Tofler.
Flipkart is owned by Walmart Inc. and the US retail giant had acquired India’s largest marketplace operator in 2018 for $16 billion.
Meanwhile, Tofler data showed Flipkart Group’s online fashion platform Myntra Designs reported a 40% increase in its net loss to Rs 597 crore for the same year compared to the fiscal year ending March 2021 even as Myntra Designs reported its revenues for the financial year 2021-22 went up 46% to Rs 3,610 crore for the same period.
Myntra’s total expenses for the fiscal stood at Rs 4,206 crore for the fiscal year ending March 2022, Tofler data showed.