Flipkart Ltd, the Singapore holding company of the Indian e-commerce major, narrowed its losses to Rs 17,231 crore (USD 2.42 billion) for the fiscal ended March 2019, while revenues grew by 42 per cent over the previous year, according to financial data platform Paper.vc.
The group managed to achieve a 63 per cent reduction in losses from Rs 46,895 crore (USD 6.6 billion) in 2018 to Rs 17,231 crore (USD 2.42 billion) for the financial year ending March 31, 2019, it said.
Flipkart posted Rs 42,878 crore revenue from contracts with customers with total revenue adding up to Rs 43,615 crore (USD 6.14 billion), it added.
The group's revenue in 2018-19 was 42 per cent higher than the previous year's revenue of Rs 30,644 crore (USD 4.32 billion), Paper.vc said.
Flipkart declined to comment.
In August last year, the US retail giant Walmart had picked up 77 per cent stake in Flipkart for USD 16 billion. Flipkart group operates a number of entities like e-commerce marketplace Flipkart, fashion portals Myntra and Jabong, digital payments through PhonePe, a wholesale unit and EKart (logistics).
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The company had recently said it is setting up a new food retail unit under 'Flipkart Farmermart'.
The group's overall expenses went down significantly from Rs 46,895 crore (USD 6.6 billion) in 2018 to Rs 17,281 crore (USD 2.4 billion), the document said attributing the decline to a steep reduction in finance costs.
Excluding finance costs, overall group expenditure went up by 118 per cent. Employee benefit expenses shot up by 58 per cent to Rs 4,254 crore (USD 600 million).
Flipkart group spent USD 46.8 million on acquisition in 2019, including USD 21.4 million on the September 2018 acquisition of Israel-based Upstream Commerce and USD 10.5 million on the acquisition of Bengaluru-based Liv AI, it said.