Flipkart Group’s revenues jump 43% to Rs 43,616 crore in FY 19

Walmart’s $16-billion deal to acquire Flipkart seems to have yielded decent returns. Filings by Singapore-based Flipkart Private showed the (Flipkart) Group’s total revenues increased by 42.32% to Rs 43,615.5 crore on a consolidated basis in the year to March 2019 compared to the year-ago period. Losses, although elevated, dipped by 63.2% year-on-year to Rs 17,231.5 crore, according to the financial statement sourced from business signals platform paper.vc. This is the group’s first financial filing post acquisition by the US-based retailer.

In May last year, Walmart announced purchase of a 77% controlling stake in Flipkart, valuing the e-commerce firm at around $21 billion. Walmart’s Flipkart buy gives the global company a foothold in Indian retail market, otherwise restricted by government’s foreign direct investment (FDI) policy. India allows 100% FDI in cash and carry wholesale segment but restricts the same at 51% in multi-brand retail. Walmart operates 27 Best Price wholesale cash and carry stores across the country.