The Singapore-based parent entity of the Walmart-owned e-commerce start-up Flipkart has seen its revenues continue to soar during the past financial year (FY2018-19), with regulatory filings made in the South East Asian city-state showing a 42 per cent increase in turnover over the period.
According to the filings, Flipkart Ltd has reported consolidated revenue of Rs 43,615 crore for the financial year that ended March 31 compared to Rs 30,644 crore last year.
The group also saw its losses reducing substantially during the period, falling 63 per cent to Rs 17,231 crore in the financial year 2019, mainly due to a steep fall in financial and marketplace costs. Losses also came down considerably owing to a one-time finance expense incurred last year.
All other expenses, including employee benefits, depreciation, foreign exchange and other expenses rose from last year.
Excluding financial cost, which was unusually high for the company during the last year due to fair value loss on derivative financial instruments, losses have more than doubled in fiscal year 2019, according to data available in the filings.
Flipkart co-founder Binny Bansal continues to own roughly 5 per cent stake in the company, while the other co-founder, Sachin Bansal, has fully exited.