12 November 2022, Mumbai:
E-commerce major Flipkart has invested in or launched new businesses. These include Shopsy, Flipkart Health, Cleartrip, and ANS Commerce and building strong technology capabilities such as image search, a revamped UX interface, and live commerce.
By investing in these areas, the company was able to create new employment opportunities and grow the e-commerce ecosystem in India, which in turn provides more opportunities for growth for more than 11 lakh sellers, including micro, small and medium enterprises.
Further, Flipkart invested in inorganic growth with investments in companies like Ninjacart and ANS Commerce. Flipkart also invested in its business-to-business vertical, Flipkart India, before the festive season sale of 2022. This investment reduced its cash balance in September.
Flipkart led the first week of the festive season sale by clocking a gross merchandise value of Rs 24,800 crores for a total estimated sale of Rs 40,000 crores across e-commerce platforms. Flipkart's losses widened to over Rs 7800 crores in the financial year 2021-2022. This is based on the performance of its business-to-business unit Flipkart India and B2C e-commerce unit Flipkart Internet.
The combined loss of both entities stood at Rs 5352 crores in the financial year 2020-21. Flipkart Internet, comprising online business-to-consumer platforms, has reported a widening of loss to Rs 4399 crores in the fiscal year 2022 from Rs 2907 crores in the fiscal year 2021.