Bangalore based e-commerce company, Flipkart losses have risen 86 per cent to Rs 3,836 crore during FY19, according to its annual statement.
According to the data intelligence platform, paper.vc, said that Flipkart's net total income rose nearly 43 per cent to Rs 30,931 crore.
At the Extra-Ordinary General Meeting held on July 12, 2018, members of the company have approved for amendment and restatement of the existing Articles of Association (“AOA”) of the Company in order to abrogate the rights and privileges provided to the previous investors/shareholders (i.e. Accel India Venture II (Mauritius) Ltd, Accel Growth FII (Mauritius) Ltd and Tiger Global International II Holdings) of holding the company of the Company [i.e. Flipkart Private Limited (formerly Flipkart Limited), Singapore (“Flipkart”)], which were provided earlier in the AOA of the Company.
On 18th August 2018, Walmart Inc, the US-based retail giant, acquired a controlling stake in Flipkart.