Flipkart Reports Widening Losses to Rs 4,890.6 Crore in FY 2022-23

• ByStartupStory     |    October 25, 2023

E-commerce giant Flipkart India Private Limited has disclosed a significant increase in its consolidated losses for the financial year 2022-23, reaching a staggering Rs 4,890.6 crore. This information, sourced from business intelligence platform Tofler, highlights a noticeable widening of losses compared to the previous fiscal year when the company reported consolidated losses of Rs 3,371.2 crore.

On a standalone basis, Flipkart’s net loss, or the loss reflected in its balance sheet, expanded to Rs 4,839.3 crore. The financial report from Flipkart underlines that “net loss for the financial year ending on 31st March 2023 was Rs 48,393 million, as against that of the previous year ending on 31st March 2022 of Rs 33,624 million, representing an increase of 44% in the net loss.”

Despite the widening losses, Flipkart did show growth in its consolidated net total income, including income from various sources, which surged by 9.4% to reach Rs 56,012.8 crore, compared to Rs 51,176 crore in FY 2022.

It’s essential to note that the standalone net total income coincided with the consolidated figures. According to Tofler, the company reported total expenses of Rs 60,858 crore during the fiscal period. An email inquiry to Flipkart has, as yet, received no immediate response.

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In a separate development, Flipkart launched its “Flipkart VIP” subscription program earlier this month, offering customers a range of exclusive benefits for their festive shopping requirements. This subscription is available for an annual fee of Rs 499 and aims to enhance the shopping experience with features such as free same or next-day deliveries, 48-hour returns, a welcome gift box worth Rs 499, instant access to dedicated customer support, and the opportunity to earn 5% SuperCoins on purchases, up to 300 SuperCoins, with an additional 5% savings on all products across the Flipkart group, including Cleartrip. This move underscores Flipkart’s commitment to offering unique incentives to its customer base.

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