Walmart India's losses widen to ₹299 cr in FY201 min read . Updated: 10 Oct 2020, 11:02 PM IST
In FY20, the company’s reported revenues were up 20% year-on-year at ₹4,926 cr
New Delhi: Walmart India Private Limited, which operates 28 wholesale stores under the Best Price Modern Wholesale format, reported net loss of ₹299.20 crore for the year ended 31 March, 2020.
The retailer’s losses widened compared to the previous financial year. Walmart India, whose wholesale business was recently acquired by e-commerce major Flipkart Group, had reported a net loss of ₹171.68 crore in FY19, according to financial data accessed by business intelligence platform Tofler.
In FY20, the company’s reported revenues were up 20% year-on-year at ₹4,926 crore. The company’s total expenses for the fiscal increased 22% at ₹5,225 crore, Tofler’s report said.
In July, this year e-commerce major Flipkart Group acquired a 100% stake in Walmart India Pvt Ltd, which operates the Best Price cash-and-carry business. These stores typically cater to small businesses, mom-pop stores, and hotels and restaurants that can buy in bulk from these large-format outlets. The company also operates two fulfilment centres in India. In India, it competes with Germany’s Metro Cash & Carry , Thailand’s Lots Wholesale, among others.
In 2018, Walmart Inc. invested $16 billion for a majority stake in Flipkart.
The reverse acquisition of the business-to-business segment of Walmart carried out earlier this year, was aimed at helping Flipkart expand its footprint in the food and grocery segment and strengthen its supply chain, Mint reported earlier.
Prior to the deal announcement, Walmart India had let go of over 50 employees in January as part of a restructuring exercise. The company then announced plans to focus on its omni-channel model.