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BW Businessworld

Growing Locally

Flipkart overcame intense competition in ecommerce during the pandemic to register a big jump in revenues

Photo Credit : Bivash Banerjee


Rank 19 - Flipkart India

Kalyan Krishnamurthy, CEO

Sector: E-Commerce

Overall Avg. Score: 2.68

Revenue: Rs 43,357 crore

India's ecommerce market has become extremely competitive. 

Every player, be it Flipkart, Amazon, Reliance’s JioMart or Tata-backed BigBasket are engaged in a fierce battle to dominate India’s online retail market. The pandemic only accelerated the shift of consumer behaviour to ecommerce as shopping online amidst multiple lockdowns and restrictions were the only option left. 

Thanks to that, the overall ecommerce market witnessed a blockbuster festive season sales of about USD 9.2 billion in 2021. This surpassed the pre-pandemic sales of USD 5 billion reported during the festive month in 2019.

Amidst such challenging and highly competitive market dynamics, Walmart-owned Flipkart reported revenues of Rs 43,357 crore for FY21, a 25 per cent jump over FY20, as per media reports based on the company's balance sheet filed with the Registrar of Companies.

This impressive jump in revenues along with high scores on several other parameters saw Flipkart clamber up to the 19th position in this year’s BW Businessworld Most Respected Companies list, from the 22nd position it held in the previous MRC list.

Revenues Up, Losses Down

News report said the growth in revenue for Flipkart came on the back of its net loss going down to 23 per cent to Rs 2,445 crore. Reportedly, the ecommerce firm’s total expenses stood at Rs 45,801 crore. Also, the company forayed into the omnichannel business through its business-to-business marketplace, according to reports. 

Apart from growth recorded in the India market, Flipkart's owner and global retail giant Walmart is also offering Indian manufacturers and trading companies an opportunity for international expansion as cross-border sellers on Walmart Marketplace, where they could reach a growing market of more than 120 million US consumers each month. 

Along with Flipkart and cross-border commerce company Payoneer, Walmart has laid out a detailed roadmap for local sellers with export ambitions at the recent Walmart Global Seller Summit in New Delhi. The roadmap is part of Walmart’s efforts to expand its sourcing from India to $10 billion a year by 2027.

Over 650 Indian sellers attended this event. Rajneesh Kumar, Chief Corporate Affairs Officer, Flipkart Group, said: “Over the past decade, Flipkart has helped build a strong supply chain ecosystem in India, enabling hundreds of thousands of local businesses to begin selling online as part of India’s digital retail revolution. This also expands the pool of export-ready Indian businesses that can now take advantage of this opportunity on Walmart Marketplace.”

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Magazine 4 June 2022