Bengaluru, Flipkart Internet, the marketplace wing of e-commerce giant Flipkart, reported a robust 42% growth in operating revenue for the fiscal year 2023, reaching Rs 14,845 crore. Simultaneously, the total loss experienced a notable decline, reducing by 9% to Rs 4,026 crore, as per data retrieved from business intelligence platform Tofler.
During FY23, total expenses witnessed a 26% increase, reaching Rs 19,043 crore. Notably, employee benefit expenses rose to Rs 4,482 crore, marking an increase from Rs 3,735 crore in the preceding period.
Key expenditures included Rs 6,571 crore allocated to logistics, reflecting a 30% rise compared to the previous year. Advertising and promotional expenses also saw an uptick, reaching Rs 2,407 crore from Rs 1,945 crore.
According to Tofler data, Flipkart’s revenue from logistical services rose by 50% to Rs 5,789 crore in FY23. Additionally, earnings from marketplace services and advertising revenue reached Rs 3,713 crore and Rs 3,324 crore, respectively.
Earlier reports from October 23 highlighted that Flipkart India observed a 45% increase in net loss at Rs 4,890.6 crore during the fiscal year 2022-23. The company’s consolidated revenues for the same period stood at Rs 56,013 crore, marking a 9% surge over the previous financial year.
Flipkart Internet engaged in various portfolio investments during FY23, including acquisitions in Kalyr Retail (22%), Fonte Fashions (19%), and Logisticsnow, among others. These investments incurred an expenditure of approximately Rs 169 crore.
The e-commerce giant witnessed a record-breaking 1.4 billion customer visits during its flagship festival sales event, The Big Billion Days (TBBD) 2023.
