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NEW DELHI: India’s new age tech companies continue to remain deep in the red. Walmart owned Flipkart posted loss 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 loss of Rs 4,026 crore on a consolidated basis in FY23. Flipkart’s B2B arm had earlier reported loss of Rs 4,897 crore.
Omni-channel retailer FirstCry, which is preparing to list on bourses next year, also reported steep loss in FY23, which shot up to Rs 486 crore during the year compared to loss 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 loss 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.
Omni-channel retailer FirstCry, which is preparing to list on bourses next year, also reported steep loss in FY23, which shot up to Rs 486 crore during the year compared to loss 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 loss 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.
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