Walmart-owned Flipkart, has narrowed its losses to Rs 3,150.6 crore during 2019-20 as compared to the previous financial year, according to regulatory documents.
The unit had posted a loss of Rs 3,836.8 crore for the financial year ended March 31, 2019, documents filed with the corporate affairs ministry showed.
“During the financial year ended on 31st March 2020, the net total income of company was Rs 34,610.1 crore as against the net total income of Rs 30,934.9 crore in the previous financial year, witnessing an increase of 11.88 per cent in the net total income,” documents sourced by business intelligence platform, Tofler said.
There has been a decrease in the net loss by 17.88 per cent, the document said.
Also Read: Flipkart launches ‘Flipkart Quick’ service
Flipkart, which is locked in a battle against rival Amazon, has its holding company registered in Singapore.
Flipkart India is engaged in business of wholesale distribution of mobile, television, laptop, tablet, mobile accessory, footwear, clothing, etc, on B2B (business-to-business) basis.