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Flipkart marketplace arm gets $90million cash infusion
January 11, 2023
The fresh capital came from two Singapore-based entities – Flipkart Marketplace Pvt Ltd and Flipkart Pvt Ltd. A resolution to infuse the capital the first this year was approved on December 29. In March 2022, Flipkart Marketplace received over $553 million from Walmart.
Flipkart has several units in India for various businesses, including logistics. Flipkart Internet’s main source of revenue is commissions from sellers. It also offers advertising and other seller services to merchants.
Flipkart Internet posted a 33% rise in operating revenue to ₹10,476 crore in fiscal year 2022, while losses widened to nearly ₹4,400 crore.
A spokesperson for Flipkart did not immediately respond to ET’s queries on Tuesday.
The development comes at a time when rival Amazon India has shut down multiple businesses in India, such as food delivery, edtech and its distribution units, and fired employees at its local unit.
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