Flipkart Group's losses rise by 68% to Rs 87.71 billion in FY17

Flipkart Group, the Singapore-based parent company of Indian e-commerce major Flipkart, saw losses rise by 68 per cent to Rs 87.71 billion on a revenue of Rs 198.5 billion in the financial year that ended 31 March 2017.

While the company’s revenue grew by 29 per cent on a year on year basis, its losses shot up primarily due to a drop in its valuation. Flipkart Group attributed a loss of Rs 34.1 billion to ‘fair value loss on derivative financial instruments’ according to filings it made in Singapore which were sourced by data intelligence platform Paper.vc.

In last April,