Flipkart narrows loss to ₹3,150.6 crore in FY20 amid COVID-19 pandemic1 min read . Updated: 01 Dec 2020, 10:39 PM IST
- During the financial year ended on 31st March 2020, the net total income of company was ₹34,610.1 crore, according to report
Flipkart India has narrowed its losses to ₹3,150.6 crore during 2019-20 as compared to the previous financial year, according to regulatory documents. The B2B (business-to-business) arm of Walmart-owned Flipkart had reported a loss of ₹3,836.8 crore for the financial year ended 31 March, 2019, according to regulatory filing.
"During the financial year ended on 31st March 2020, the net total income of company was ₹34,610.1 crore as against the net total income of ₹30,934.9 crore in the previous financial year, witnessing an increase of 11.88 per cent in the net total income," documents sourced by business intelligence platform, Tofler said, according to reports.
There has been a decrease in the net loss by 17.88%, the document said.
Flipkart India is engaged in business of wholesale distribution of mobile, television, laptop, tablet, mobile accessory, footwear, clothing, etc, on B2B basis.
India's e-commerce festive sale season from October 15-November 15 this year delivered $8.3 billion (about ₹58,000 crore) worth of gross sales for brands and sellers, up 65% from $5 billion ( ₹35,000 crore) last year, research firm RedSeer said on Friday.
Of the $8.3 billion, $4.2 billion ( ₹29,000 crore) was logged in the first event, $1.2 billion ( ₹8,700 crore) in the second event and $1.4 billion ( ₹9,700 crore) and $1.5 billion ( ₹10,300 crore) in other events by e-commerce companies, including Amazon and Walmart-owned Flipkart.
The report said Flipkart group (including Myntra) and Amazon accounted for more than 88% of the entire gross merchandise value (GMV) for the festive month.
Between the two players, Flipkart accounted for a larger share (66%), it added.