E-commerce giant, Flipkart announced that its revenue increased to $6.14 billion (Rs 43,615 crore) for fiscal 2018-19, reports stated on Friday.
According to the reports the company has managed to reduce its losses by 63 per cent to $2.42 billion (Rs 17,231 crore) for the fiscal under review. Whereas, in the FY 2017-18, the losses were at $6.6 billion (Rs 46,895 crore).
Total comprehensive income for the FY 2019 was ₹22,883 crore, down from ₹47,370 crore in 2017-18.
“Flipkart posted a record revenue of $6.04 billion (Rs 42,878 crore) from contracts with customers and total revenue rose 42 per cent annually to $6.14 billion (Rs 43,615 crore) in the financial year 2019 from $4.32 billion (Rs 30,644 crore) a year ago (FY 2018),” Chennai-based financial data platform Paper.vc was quoted in media reports.
The report further stated, “Finance cost comprised a large part of expenditure in the previous fiscal (FY 2018), attributed to the accounting treatment of convertible securities.”
After the US retail giant Walmart took over Flipkart, its employee benefits expense increased significantly by 58 per cent to $600 million (Rs 4,254 crore).
The report also revealed details such as those relating to Flipkart’s new acquisition strategy since it’s Chief Executive Kalyan Krishnamurthy joined the group.
“The group spent $46.8 million on acquisitions in fiscal 2018-19, including $21.4 million on Israel-based Upstream Commerce in September 2018 and $10.5 million on the Bangalore-based Liv AI,” the report added.
(With input from agencies)