Flipkart India losses reduce to ?244.7 crore in FY17

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The losses of Flipkart India, the wholesale arm of the e-commerce giant, have been reduced half to ?244.7 crore in the fiscal 2016-17 from ?544.5 crore in the last year, a news agency said citing documents submitted to the Corporate Affairs Ministry. For the reported period, there was an 18 per cent surge in the revenues to ?15,569.2 crore.

There was also a decline in the company''s finance cost from ?10.2 crore in 2015-16 to ?10 crore in 2016-17. The expense for employee benefit was however reduced to ?166.6 crore in 2016-17 fiscal, as mentioned in the document.

Recently, Flipkart had signed a deal with Walmart where it acquires around 77 per cent stake in the Indian e-commerce giant for $16 billion. The investment will help accelerate Flipkart’s customer-focused mission to transform commerce in India through technology. 

Friday, 18 May 2018