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Flipkart wholesale arm's FY20 revenue jumps 12%, losses down 18%

CNBCTV18 logo CNBCTV18 02-12-2020 Jomy
a sign on the side of a building: Flipkart wholesale arm's FY20 revenue jumps 12%, losses down 18% © Provided by CNBCTV18 Flipkart wholesale arm's FY20 revenue jumps 12%, losses down 18%

Flipkart's wholesale arm Flipkart India Private Ltd saw revenue for FY20 jump 12 percent year-on-year to Rs 34,610 crore, while losses decreased by 18 percent to Rs 3,150 crore during the same fiscal, according to regulatory filings sourced from Tofler.

The company’s total expenses were Rs 37,760 crore, up 9 percent year-on-year.

The company is involved in the business of 'cash and carry trading/wholesale trading' and is engaged in wholesale distribution of mobile, television, laptop, tablet, mobile accessory, footwear, clothing, etc.

Also read: Amazon India fined over 'Country of Origin' rules violation, Flipkart spared

FY20 was the first full fiscal year after the FDI guidelines late December 2018 brought about several changes to how wholesale arms of companies that run ecommerce marketplaces can operate.

Press Note 2 of December 2018 had specified that no vendor on a marketplace can acquire over 25 percent of its inventory from any of the group companies of the marketplace entity.

Flipkart has been aggressively pushing its wholesale business, and earlier this year, the company also acquired the business of Walmart India, which operates 28 B2B modern wholesale stores under the brand name of 'Best Price'. Flipkart launched Flipkart Wholesale, a B2B online marketplace post the acquisition.

Also read: Flipkart acquires AR firm Scapic to boost user experience

Walmart India had recently reported its revenues for fiscal year 2019-20, which came in at Rs 4,926 crore, a 20 percent jump since the last financial year. The company further reported a net loss of Rs 299 crore during the same period, a 74 percent increase from the last fiscal year. The company’s total expenses for the fiscal were Rs 5,225 crore.

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