29 October 2022, Mumbai:
Flipkart Internet’s net loss has gone up by 51 percent for the fiscal year ending March 2022 compared to a year earlier. However, standalone revenue jumped 31 percent.
Flipkart Internet is the flagship e-commerce marketplace operator of the Flipkart Group. Flipkart is owned by Walmart and the US retail giant acquired India’s largest marketplace operator in 2018.
Meanwhile, Flipkart’s online fashion platform Myntra Designs faced a 40 percent increase in its net loss for the same year compared to the fiscal year ending March 2021 even as Myntra Designs reported its revenues for the financial year 2021-22 went up 46 percent for the same period. Myntra’s total expenses fiscal stood at Rs 4,206 crores for the fiscal year ending March 2022.
During the first phase of the e-commerce festive season sale, Flipkart had a market share of 62 percent in terms of gross merchandise value (GMV) or the total value of items sold. In terms of order volumes, Flipkart group companies held a market share of 49 percent.
Mobile as a category continued to lead GMV share, contributing to 41 percent of the GMV, translating to 56,000 mobiles sold per hour. Fashion contributed to 20 percent of GMV, which grew 48 percent year on year from the last festive season.
