Flipkart Internet’s aggressive bid against rivals costs heavily, bleeds Rs 2,306 crore losses
Advertisement
The locally registered marketplace unit of the online retailer Flipkart-Flipkart Internet Private Limited-has witnessed losses of more than double to Rs 2,306 crore in the financial year ended March 31, 2016.
The losses increased by about 110%, as the company kept on ramping up the speed to fend off US-based online retailer-Amazon's $5-billion war chest for India.
According to regulatory filings with Registrar of Companies (RoC), sales were up at a much faster clip of 153% during the year to Rs 1,952 crore.
The pace of increase in both revenues and losses has come down as compared to the three-times jump in losses and four-times increase in revenues between FY14 andFY15 .
In FY15,Flipkart India and Flipkart Internet reported a combined a loss of Rs 2,000 cr ore. Combined sales trebled to Rs 10,390 crore in FY15, with Flipkart India accounting for over 90% of the sales. The numbers for financial year ending March 2016 for Flipkart India are yet to be filed.
Flipkart Internet owns Flipkart.com and registers sales from seller commissions and other services like advertisements.
(image: IndiaTimes)
Advertisement
The losses increased by about 110%, as the company kept on ramping up the speed to fend off US-based online retailer-Amazon's $5-billion war chest for India.
According to regulatory filings with Registrar of Companies (RoC), sales were up at a much faster clip of 153% during the year to Rs 1,952 crore.
The pace of increase in both revenues and losses has come down as compared to the three-times jump in losses and four-times increase in revenues between FY14 and
In FY15,
Advertisement
(image: IndiaTimes)
Advertisement
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- Catan adds climate change to the latest edition of the world-famous board game
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- JNK India IPO allotment – How to check allotment, GMP, listing date and more
- Indian Army unveils selfie point at Hombotingla Pass ahead of 25th anniversary of Kargil Vijay Diwas
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market