Walmart-owned Flipkart reported revenue of Rs 43,357 crore for the financial year 2020-21 (FY21), a 25 per cent jump over FY20, as net loss narrowed 23 per cent to Rs 2,445 crore. The e-commerce firm’s total expenses were Rs 45,801 crore, showed regulatory documents sourced from business intelligence platform Tofler.
The company forayed into the omnichannel business through its business-to-business marketplace, according to the documents.
In another filing, Flipkart Internet Pvt Ltd, which operates as an online shopping website, said it had clocked a 28 per cent YoY jump in revenue to Rs 8,115 crore for FY21. Its net loss widened 49 per cent to Rs 2,881 crore, according to Tofler. The company’s total expenses were Rs 10,996 crore.
The revenue was mainly generated from e-commerce, IT-enabled services, marketplace and related support services. Foreign exchange expenditure for FY21, was Rs 1,731 crore compared to Rs 558 crore in FY20.
Rival company Amazon Seller Services Pvt Ltd saw a 49 per cent YoY rise in revenue to Rs 16,379 crore in FY21 as net loss decreased 19 per cent to Rs 4,748 crore. It reported total expenses of Rs 21,127 crore.
At Rs 3,143 crore, Amazon Wholesale (India) Pvt Ltd reported a 7 per cent fall in FY21 revenue over the last financial year even as its net profit of Rs 43 crore was up 132 per cent over the previous year. The company had total expenses of Rs 3,098 crore for FY21.
Flipkart, Amazon, Reliance’s JioMart and Tata-backed BigBasket are engaged in a fierce battle to dominate India’s online retail market. Flipkart, Amazon and other e-commerce firms witnessed blockbuster festive season sales of about $9.2 billion in 2021, surpassing the pre-pandemic sales of $5 billion reported during the festive month in 2019.
The pandemic has accelerated the shift to e-commerce, with an increasing number of consumers shopping online at a higher frequency than last year, according to analysts.
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