Walmart effect? Flipkart cut losses by 63%, revenue up 42% in FY19 under new management

Flipkart Private Limited, the Singapore parent of the Indian e-commerce company Flipkart has disclosed its performance for the first time under the new management of Walmart. The company, which was acquired by the American retail giant in August 2018, has been able to cut its losses by 63 per cent to Rs 17,231 crore ($2.42 billion) for FY19 from Rs 46,895 crore ($6.6 billion) in the preceding financial year. Amazon’s arch-rival Flipkart led by Kalyan Krishnamurthy also posted an increase in total revenue by 42 per cent in FY19 to Rs 43,615 crore ($6.14 billion) from Rs 30,644 crore ($4.32 billion) in FY18.

The group’s overall expenses, according to annual report sourced by business signals platform Paper.vc, also saw a significant dip to Rs 17,281 crore ($2.4 billion) for the year ending March 31, 2019 from Rs 46,895 crore ($6.6 billion) for the year ending March 31, 2018.

A Flipkart spokesperson didn’t comment on the performance.