Flipkart Internet Narrows FY17 Net Loss to Rs 1,639.3 Crore

Flipkart Internet, the online marketplace arm of the e-commerce firm, narrowed its net loss to Rs 1,639.3 crore for the year ended March 2017, against Rs 2,305.7 crore a year back, filings with the Registrar of Companies (RoC) and data platform Tofler showed. Revenue from operations increased 15% to Rs 1,882.4 crore in FY17 from Rs 1,635.1 crore in FY16. Employee benefit cost for the company, however, has dropped 3% to Rs 1,032.8 crore in FY17. Total expenses reduced 8% to Rs 3,892 crore in FY17. These are standalone financials of Flipkart Internet.

An email sent to Flipkart did not elicit any response till the time of going to press. In May, US retail giant Walmart acquired 77% stake in Flipkart for $16 billion. At the time, the US-based retailer said it will infuse fresh investment of $2 billion in Flipkart to take on its rival Amazon. With the deal, Flipkart’s valuation is pegged at $22 billion. – Financial Express

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