Flipkart Internet, the marketplace arm of Walmart-owned e-commerce giant Flipkart, posted a 50% growth in its logistics segment — the largest by revenue, helping the company boost its topline and cut losses by 9% during financial year 2022-23.
The arm posted a loss of Rupees 4,027 crore in FY23, slightly lower than Rupees 4,420 crore it had posted in the preceding year, showed its RoC filing sourced through Private Circle.
In FY23, its logistics business posted a revenue of Rupees 5,789 crore, while that of marketplace services rose 32% y-o-y to Rupees 3,713 crore. Besides these, its advertisement revenue accounted for a large portion of the pie. Sales from the segment grew 60% y-o-y to Rupees 3,325 crore.
The arm’s total expenses rose to Rupees 19,043 crore in FY23, from Rupees 15,024 crore a year ago, mainly due to surging employee costs, advertising and other expenses. The company spent Rupees 4,482 crore towards employee-related expenses, compared with Rupees 3,735 crore a year ago, while advertising costs were Rupees 2,407 crore, up from Rupees 1,945 crore.