New Delhi : E-commerce major Flipkart India has halved its standalone losses to Rs 244.7 crore during the 2016-17 fiscal from Rs 544.5 crore in the previous year, according to regulatory documents.
Flipkart India, under which the Bengaluru-based company operates its cash and carry trading/wholesale trading business, saw revenues rising 18 per cent to Rs 15,569.2 crore in FY2017 from Rs 13,177.4 crore in the previous year, as per documents submitted with the Corporate Affairs Ministry (MCA).
CAIT to take on deal
Traders’ body CAIT on Wednesday alleged that the $16 billion Flipkart-Walmart deal circumvents laws, and said it will seek legal recourse on the matter. Confederation of All India Traders (CAIT), in a statement, urged the government to conduct close scrutiny of the deal that it claimed will have greater ramifications on retail trade and the economy.
US retail giant Walmart has announced acquisition of 77 per cent stake in Flipkart in its biggest takeover till date.