Losses at online retailer #flipkart‘s wholesale arm Flipkart India Private Limited have more than doubled, as the company invests in growing its topline aggressively.
According to a report in Mint, the company reported a loss of Rs 281.7 crore in the year ended March, up from Rs 109.9 cr last year.
Flipkart has a revenue of Rs 1,366 cr up more than 5x as compared to revenues of Rs 265.6 cr last year. Flipkart’s cash balance went down to Rs 166.2 cr, from Rs 236 cr last year, the financial daily reported.
The e-commerce firm was valued at $1.6 bn in July, when South African media conglomerate Naspers made an investment in the company. Naspers paid $140 mn for 8.6% in Flipkart in July.
The Flipkart Context
Flipkart is one of the few billion dollar startups that have come out of India in the recent years.
In October, the Indian e-commerce company announced that it raised another $160 million to add to its previous round of funding. The Dragoneer Investment Group, Morgan Stanley Investment Management, Sofina and Vulcan Capital and Tiger Global have participated in the round.
The company had raised $200 mn in July from existing investors including Tiger Global, Naspers, Accel Partners and ICONIQ Capital. Earlier, Flipkart had raised $150 mn from Accel Partners and Tiger Global.
The company has set a target of reaching $1 bn in gross merchandise sales by 2015.