Flipkart, an ecommerce giant has cut its consolidated losses to Rs. 1,160.6 crore for the financial year that ended in March 2018 according to the regulatory documents.
The company has registered its total loss of Rs. 1,6402 crore in the previous monetary, as per the documents filed with the Corporate Affairs Ministry.
The revenue from the operations was at Rs. 2,790.2 crore for 2017-18 as against Rs 1,882.4 in the previous financial year, a growth of 48.2 per cent, it added. But Flipkart declined to comment on the same.
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On standalone basis, the total loss narrowed to Rs 1,157 crore, while revenue was higher at Rs 2,790.2 crore for 2017-18 as against the previous year.
Flipkart is operating on various entities for different functions those provide e-commerce and the support servicez through Flipkart Internet.
The revenue of the Flipkart Internet is mainly generated from various services like logistics, stprage, marketplace and storage.
Previously in this year, Flipkart inked a blockbuster deal with Walmart under which the American retailer picked up about 77 per cent stake for nearly 16 billion USD.
The deal gave handsome return to investors like SoftBank who sold their complete shareholding.
In our country, Flipkart is locked in the intense battle with the US based company Amazon with both the entities those pumping in millions of dollars towards the promotions, building the infrastructure and logostics as they woo customers to shop online.
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