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Flipkart India losses reduce to ₹244.7 crore in FY17
18
May '18
Flipkart India losses reduce to ₹244.7 crore in FY17
The losses of Flipkart India, the wholesale arm of the e-commerce giant, have been reduced half to ₹244.7 crore in the fiscal 2016-17 from ₹544.5 crore in the last year, a news agency said citing documents submitted to the Corporate Affairs Ministry. For the reported period, there was an 18 per cent surge in the revenues to ₹15,569.2 crore.

There was also a decline in the company's finance cost from ₹10.2 crore in 2015-16 to ₹10 crore in 2016-17. The expense for employee benefit was however reduced to ₹166.6 crore in 2016-17 fiscal, as mentioned in the document.

Recently, Flipkart had signed a deal with Walmart where it acquires around 77 per cent stake in the Indian e-commerce giant for $16 billion. The investment will help accelerate Flipkart’s customer-focused mission to transform commerce in India through technology. (RR)

Fibre2Fashion News Desk – India


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