Flipkart Lost Rs 21 Crore/Day In Last 365 Days! Losses Increase To Rs 7800 Crore Due To These Reasons
The E-commerce Leader in the duopolistic Indian ecommerce market, Flipkart is bleeding money as it has witnessed a loss widening to over Rs 7,800 crore in the financial year 2021-22. As per the regulatory filings, it is based on performance of its business-to-business unit Flipkart India and B2C e-commerce unit Flipkart Internet.
In the financial year 2020-21, the combined loss of both entities stood at Rs 5,352 crore as per the filings.
In FY21, Flipkart Internet has reported widening of loss to Rs 4,399 crore in FY22 from Rs 2,907 crore in FY21. Flipkart Internet comprises of online business-to-consumer platforms. These includes the the performance of Fipkart Group firms like Myntra, Instakart etc.
The B2B unit of ecommerce giant, Flipkart India — earlier called Walmart India — reported widening of loss to Rs 3,413 crore in FY22 from Rs 2,445.6 crore in FY21.
Increased Net Income & Leading Total Sales in Festive Season
When it comes to the net income of Flipkart, the company has seen a 20% increase taking the figure to Rs 61,836 crore in 2021-22.
Out of this, Flipkart India contributed to Rs 51,176 core and Flipkart Internet registering a revenue of Rs 10,660 crore.
In the year 2020-21, the combined revenue of the e-commerce major was Rs 51,465 crore with Flipkart India and Flipkart Internet contributing Rs 43,349 crore and Rs 8,116 crore respectively.
As per the data from the market research firm Redseer, the company has been leading total sales in India during festive season.
According to the consulting firm report, Flipkart is estimated to have led the first week of festive season sale that was held in the last week of September with the company cornering 62 per cent or Rs 24,800 crore worth of gross merchandise value from total sales of Rs 40,000 crore.