Flipkart Internet Private Ltd, the B2C arm of Walmart-owned Flipkart, operating revenue zoomed to ₹14,845.8 crore in the financial year 2022-23 (FY23) from ₹10,477.4 crore in FY22.
The company primarily earns revenue through commission charges and other services it offers to merchants, including advertising of products. Including other income, the B2C arm’s total revenue rose to ₹15,044 crore during the year under review (₹10,640.5 crore).
The company also managed to reduce its cash burn, which resulted in reduced net loss to ₹4,026.5 crore during the year under review (₹4,419.5 crore).
Amid fund-raising
This comes at a time when e-commerce major Flipkart is in the middle of raising $1 billion in fresh funds, as reported by businessline. Retail giant Walmart has invested $600 million, confirmed the company.
Other internal stakeholders and a few external investors will put in the remaining $400 million, the sources added. Flipkart will use the money to expand its operations, strengthen its supply chain and bolster its tech capabilities.
The ongoing round values Flipkart at a premium of around 5-10 per cent from its previous valuation, said the source. Flipkart was last valued at around $33 billion, after accounting for PhonePe’s separation in 2022.
The talks of a fresh fund-raise comes months after early investors Accel (US and India), Tiger Global, Franklin Templeton had sold Flipkart shares to Walmart. The transaction marked the end of an era, as Binny Bansal, co-founder of Flipkart, also sold his remaining stake.