Flipkart Internet’s operating revenues surge by 42% in FY’23: Tofler
Operating revenues of Flipkart Internet, the marketplace arm of e-commerce major Flipkart surged by 42 per cent to Rs 14,845 crore in FY’23 while its total loss declined by 9 per cent to Rs 4,026 crore.
As per filings sourced from Tofler, Flipkart Internet’s earnings from logistical services grew by 50 per cent to Rs 5,789 crore in FY23. Its earnings from marketing services grew by 32 per cent to Rs 3,713 crore while advertising revenue grew to Rs 3,324 crore in FY23, up from Rs 2,083 crore a year earlier.
The company’s total expenses grew by 26 per cent Y-o-Y to Rs 19,043 crore in FY23.Its expenses towards employee benefits surged to Rs 4,482 crore up from Rs 3,735 crore a year earlier.
Flipkart Internet’s logistic expenses grew by 30 per cent Y-o-Y to Rs 6,571 crore while advertising and promotional expenses rose to Rs 2,407 crore from Rs 1,945 crore.
As per a report by the Economic Times, Flipkart is plans to raise $1 billion, with parent Walmart committing to inject $600 million. This would be the online retailer’s first fundraise for India. It will increase Flipkart’s value to 5-10 per cent to its valuation of $33 billion.
