Indian e-commerce giant Flipkart posts record $6b in revenue in FY19

FILE PHOTO: The logo of Flipkart is seen on the company's office in Bengaluru, India, May 9, 2018. REUTERS/Abhishek N. Chinnappa/File photo

Walmart-owned Indian e-commerce platform Flipkart’s revenue jumped 42% year-on-year to $6.14 billion ( 43,615 crore) in the financial year ended 31 March. This includes 42,878 crore in revenue from contracts with customers.

The company reduced its losses to $2.42 billion ( 17,231 crore) in FY19 from $6.6 billion ( 46,895 crore) in FY18.

According to information sourced from financial data platform Paper.vc, Flipkart’s Singapore holding company filed its annual financial statement on Thursday. These financials also reveal the company’s performance since Walmart acquired it in August 2018.

Overall expenses reduced significantly from to $2.4 billion ( 17,281 crore) in FY19 from a total of $6.6 billion ( 46,895 crore) in the previous year.

The Paper.vc statement noted that since Walmart took over, Flipkart’s employee benefit expenses have shot up by 58% to $600 million ( 4,254 crore).

“The massive decline in expenditure is attributable to a steep decline in finance costs rather than any overall optimization in operating expenses. Finance cost comprised a large part of FY’18 expenditure, largely attributed to accounting treatment of convertible securities. If one were to exclude finance costs, overall group expenditure actually went up by 118%,” Vivek Durai, founder of Paper.vc, said, in the statement.

This article was first published on livemint.com.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.