NEW DELHI: India’s new age tech companies continue to remain deep in the red. Walmart owned e-commerce major Flipkart posted net losses of over Rs 4,000 crore in FY23. Data sourced from market intelligence platform Tofler showed that Flipkart Internet which runs the Flipkart e-commerce marketplace reported losses of Rs 4,026 crore on a consolidated basis in FY23.Flipkart’s B2B arm had earlier reported losses of Rs 4,897 crore.
Omni-channel retailer FirstCry which is preparing to list on the bourses next year also reported steep losses in FY23 which shot up to Rs 486 crore during the year compared to losses of Rs 78 crore posted in FY22, the firm’s RoC filings showed. Flipkart which together with Amazon corners the bulk of India’s e-commerce market reported only a marginal drop in year-on-year losses in FY23. In FY22, the company posted losses of Rs 4,419 crore. FirstCry recorded more than 500% increase in y-o-y losses in FY23. Cash burn in B2C companies are typically higher than B2B firms.
Flipkart Internet’s expenses increased by 27% year-on-year to Rs 19,043 crore in FY23 while FirstCry’s expenses jumped to Rs 6,315 crore in FY23 from Rs 2,568 crore a year ago.
Both the firms, however, also managed to expand their revenues. Flipkart’s revenue from operations grew to Rs 14,845 crore in FY23 from Rs 10,477 crore in FY22. FirstCry’s revenues touched Rs 5,632 crore in FY23, recording a y-o-y rise of nearly 135%, the data showed.
Omni-channel retailer FirstCry which is preparing to list on the bourses next year also reported steep losses in FY23 which shot up to Rs 486 crore during the year compared to losses of Rs 78 crore posted in FY22, the firm’s RoC filings showed. Flipkart which together with Amazon corners the bulk of India’s e-commerce market reported only a marginal drop in year-on-year losses in FY23. In FY22, the company posted losses of Rs 4,419 crore. FirstCry recorded more than 500% increase in y-o-y losses in FY23. Cash burn in B2C companies are typically higher than B2B firms.
Flipkart Internet’s expenses increased by 27% year-on-year to Rs 19,043 crore in FY23 while FirstCry’s expenses jumped to Rs 6,315 crore in FY23 from Rs 2,568 crore a year ago.
Both the firms, however, also managed to expand their revenues. Flipkart’s revenue from operations grew to Rs 14,845 crore in FY23 from Rs 10,477 crore in FY22. FirstCry’s revenues touched Rs 5,632 crore in FY23, recording a y-o-y rise of nearly 135%, the data showed.
