Flipkart Internet sees revenue increase 42% year-on-year in FY23
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E-commerce giant Flipkart’s marketplace arm Flipkart Internet saw its operating revenue increase by 42% year-on-year in the 2023 financial year to total Rs 14,845 crore compared to Rs 10,477 crore in the 2022 financial year. The business’ losses dropped by 9% year-on-year last fiscal to Rs 4,026 crore compared to Rs 4,419 crore in the 2022 financial year.
Flipkart Internet is responsible for running Flipkart’s marketplace where the business earns money from seller commissions and fees as well as advertising. In the 2023 financial year, Flipkart Internet’s earnings from the logistics services it provides increased by 50% to total Rs 5,789 crore, according to data sourced from business intelligence platform Tofler by ET Tech.
Flipkart Internet’s revenue from offering marketplace services to sellers totalled Rs 3,713 crore and revenue from advertising totalled Rs 3,324 crore, both significantly higher than in the 2022 fiscal. The business’ expenses were also up by 26% year-on-year to total Rs 19,043 crore.
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Walmart-owned Flipkart’s other subsidiaries include Flipkart India, which manages its wholesale operations. Flipkart India reported a 9% year-on-year increase in its operating revenue in the 2023 financial year to total Rs 55,823 crore but its losses also increased by 42% to Rs 4,845 crore, the Economic Times reported.
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