Flipkart India Pvt Ltd, the marketplace arm of India’s leading e-commerce firm Flipkart, reported revenues of Rs 15,264 crore for the year ended March 31, 2017, representing a 19 per cent growth rate over the previous year, according to documents filed with the Registrar of Companies and sourced through Tofler. The turnover of Flipkart’s largest arm in India stood at Rs 12,818 crore in the financial year 2015-16.
The profit and loss figures for FY17 were not mentioned in the documents, which were reviewed by Business Standard. In the previous year, losses stood at Rs 826.7 crore for the unit. A Flipkart spokesperson did not comment immediately.
While Flipkart India Pvt Ltd represents just one of several units the e-commerce company has set up in India, it is by far the largest in terms of revenues. In 2015-16, Flipkart Pvt Ltd, the parent entity listed in Singapore, had posted revenues of Rs 15,403.3 crore. Its losses for the year stood at Rs 5,769 crore, according to that filing.
The paltry growth in revenues is representative of the slowdown Flipkart saw during 2016, which allowed rival Amazon to narrow the gap. The fallout of this slowdown also resulted in Tiger Global, the largest investor in Flipkart at the time, appointing Kalyan Krishnamurthy to head the business and elevate the co-founders, Sachin Bansal and Binny Bansal, to non-operational roles.