Walmart-owned Flipkart has narrowed its losses by 17.88 per cent to Rs 3,150.6 crore in India in FY20, as compared to a loss of Rs 3,836.8 crore in FY19, according to a regulatory filing.
Flipkart India’s total net income increased 11.88 per cent to Rs 34,610.1 crore for the year ended on 31st March 2020, against Rs 30,934.9 crore in the previous year financial year. The B2B (business-to-business) arm of Flipkart is engaged in the wholesale distribution of mobile phones, mobile accessories, television, laptop, tablet, footwear, clothing, and others.
In India’s festive season sale from 15 October- 15 November, gross sales of e-commerce companies for brands and sellers this year, increased 65 per cent to $8.3 billion (about Rs 58,000 crore) as compared to $5 billion (about Rs 35,000 crore) worth of gross sales last year.
Out of $8.3 billion worth of gross sales, $4.2 billion (about Rs 29,000 crore) was logged in the first event of the sale while $1.2 billion (Rs 8,700 crore) in the second and $1.4 billion (Rs 9,700 crore), $1.5 billion (Rs 10,300 crore) in the other events of the ongoing festive season sale.
According to the RedSeer report, Flipkart group (including fashion e-commerce company, Myntra) and Amazon accounted for more than 88 per cent of the entire gross merchandise value (GMV) for the festive month. Flipkart with the large market share accounted for 66 per cent, it added.