Flipkart wholesale arm’s FY17 revenue touches $2.4 bn but growth slows
Photo Credit: Reuters

Flipkart India Pvt. Ltd, the wholesale arm of homegrown e-commerce marketplace Flipkart, has reported a slower rise in revenue for the financial year 2016-17 compared with the previous year.

The company’s revenue grew 19% to Rs 15,264 crore ($2.4 billion) in the year through March 2017 from Rs 12,818 crore in 2015-16, filings with the Registrar of Companies show.

This is slower than the 42% increase in 2015-16 compared with Rs 9,032 crore in 2014-15, shows data available with VCCEdge, the research platform of News Corp VCCircle.

Flipkart India did not divulge its profit or loss figure for 2016-17. In 2015-16, the unit had pared its loss to Rs 545 crore from Rs 828.2 crore in 2014-15.

The net worth of Flipkart India in 2016-17 fell to Rs 3,946 crore from Rs 4,190 crore the previous year. Net worth is the value of everything a firm owns, minus liabilities.

Flipkart did not immediately respond to email queries from VCCircle seeking comment.

Amazon Wholesale (India) Pvt Ltd, the wholesale arm of Flipkart’s main rival Amazon, registered revenue of Rs 7,047 crore for 2016-17 and a net worth of Rs 385 crore.

In August, VCCircle reported that Flipkart’s wholesale arm had received working capital credit of Rs 375 crore from Axis Bank. In September, it received an additional credit of Rs 1,000 crore from the private-sector lender.

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