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Flipkart India Bleeds Rs 281.7 Crore In FY-13 Despite Five Fold Increase In Revenue


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Flipkart India Pvt. Ltd reported a loss of Rs 281.7 crore in the year ended March 2013, up from Rs 109.9 crore loss it reported in the previous year, despite a five fold increase in revenue to more than Rs 1,180 crore from Rs 204.8 crore it reported in the previous year, reports Mint.

The company’s expenses jumped more than five times to Rs.1,366 crore from Rs.265.6 crore last year and its cash balance dropped to Rs.166.2 crore on 31 March from Rs.236 crore a year ago.

The auditors however noted that the internal controls for purchasing of goods needs strengthening in proportion to the size of the company and nature of its business. “In our opinion, this is a continuing failure to correct a major weakness in the internal control system,” the auditor noted.

Earlier this year we had reported that WS Retail, Flipkart’s retail arm had reported a total income of Rs 480.65 crore for the financial year ended 31st March 2012 (FY12), up from around Rs 49 crore for the year ended 31st March 2011 (FY11). The company reported a profit for the year, of Rs 80.92 lakh up from Rs 65 lakh. It also issued 90,000 equity shares worth Rs 10 each during FY-13.

It needs to be noted that Flipkart India sold its technology platform and related intellectual properties to another entity called Flipkart Internet Pvt. Ltd for an “agreed consideration” effective on 31 December 2012. The value of the sale of business to Flipkart Internet was Rs.94.15 crore, according to the its filings.

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In 2012, Flipkart raised $150 million from Naspers and Tiger Global. This year, the company raised $200 million from existing investors like Naspers, Accel Partners, Tiger Global, and ICONIQ Capital in July. It also raised an additional $160 million investment from new investors Dragoneer Investment Group, Morgan Stanley Investment Management, Sofina and Vulcan Capital and existing investor Tiger Global in October 2013. Till now, Flipkart has raised a total $541 million from five rounds.

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  • hitesh jain

    flipkart is scam because they are sending drunk people of ekart
    logistics for delivering products and this flipkart idiotic delivery guy
    is fighting with me and saying all rubbish bad words and also i have
    send this below message to flipkart and now lets see flipkart is taking
    against to that delivery guy or not and my mobile number name mankesh ,
    number 09619015189

    This is message which have send to flipkart

    ” Your ekart logistics delivery guys are doing fraudulent with you and as well as with customers ,
    Delivery
    Guy are doing Fraudulent in this way that when the customer is ordering
    any products and at the delivery time when the customer is not taking
    any product for cash on delivery than at that time they are selling that
    product in market to other party ( Shopkeeper ) at 100 or 200 rs
    additional rate per products and i am saying you this because i have
    order an laptop with Orden0and at 26-12-2013 around 5:50 to 6:10 your
    logistic guy has came to my shop for shipment and at that time your
    logistic guy said rubbish word , bad words as if they want to fight with
    me and doing all type of rowdy giri and this words are too bad to say
    and also they have not given my laptop which i have order they said me
    bad words and just went away . So i want you to take serious action on
    that guy. and i am in the same market were your logistic guy is selling
    your product at higher price
    hiteshj98041@gmail.com
    Tracking id : WSRC2950137107 “