Flipkart Internet, the marketplace arm of Flipkart, saw its revenue grow by 21% year-on-year to INR 17,907.3 Cr in FY24, as per Tofler’s regulatory filings.
Flipkart Internet fee income remain stable
Notably, the company saw a 41% drop in losses to INR 2,358 Cr. Its marketplace fee income remained stable at INR 3,734.2 Cr compared to INR 3,713.2 Cr the previous year. However, income from collection services increased to INR 1,225.8 Cr from INR 1,114.3 Cr.
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Previously in this year, the company got INR 1,421 Cr (around $170 Mn) from its Singapore parent through an internal cash transfer. The transfer was in two parts—on March 23 and April 6, according to RoC filings. This is the second big fund infusion by the Singapore-based parent into Flipkart Internet.
Flipkart receives $282 Mn in 2024
In September, Flipkart Internet got about INR 924 Cr ($111 Mn). In 2024, it received around $282 Mn from its Singapore entities. Facing strong competition from quick commerce players in India, it launched a new venture called ‘Flipkart Minutes’ in select cities.
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Additionally in April 2024, Flipkart made Hemant Badri, its senior VP and group head of supply chain, the head of its quick commerce division. The ecommerce giant is also considering operating about 100 dark stores to boost its quick commerce efforts during the festive season.
Furthermore, the company’s operating revenue grew 42% year-on-year to INR 14,845.8 Cr in FY23. Its loss decreased by 9% to INR 4,026.5 Cr from INR 4,419.5 Cr in FY22.
