Flipkart Wholsale (Flipkart India Private Limited) clocked a ₹51,176 crore revenue in FY22 and a net loss of ₹3,404 crore, according to the company’s MCA filings.
As compared to FY21, the company’s revenue has jumped 19 per cent from ₹42,941 crore and losses increased by 39 per cent from ₹2,445 crore loss recorded last year. Further, Flipkart Wholesale recorded the highest revenue collection of ₹3848 crore from logistics management services, followed by ₹2,824 crore from computer development services, and ₹2084 crore from advertising services.
Launched in 2020, Flipkart Wholesale is the B2B marketplace of Flipkart Group. It offers a selection of products spanning across fashion, grocery, and general merchandise. Flipkart Wholesale serves millions of members including kiranas , HoReCa (hotels, restaurants, and cafeterias), and O&I (offices and institutions).
Earlier this week, the marketplace arm of Flipkart, Flipkart Internet reported 51 per cent growth in net loss amounting to ₹4,362 crore against a 33 per cent growth in revenue. The company recorded ₹10,659 crore revenue in FY22.
Further, Flipkart-owned fashion marketplace, Myntra reported operating revenue of ₹3501 crore in FY22 and a loss of ₹597.6 crore as compared to ₹429 crore reported last year.
Flipkart is reportedly looking to raise $2-3 billion funding at a valuation of over $40 billion. In April, the e-commerce company was also reported to have internally raised its IPO valuation target from $50 billion to $60-70 billion and is eyeing a US listing in 2023 instead of 2022.
Flipkart is said to delaying the IPO as it wants to boost its valuation by increasing focus on two newer ventures — healthcare service platform, Flipkart Health+, and travel bookings business. Ongoing global market conditions are also said to have impacted the company’s decision to reconsider IPO timelines.