The Registrar of Companies filing on Monday revealed that the net loss posted by Flipkart Internet amounts to the tune of Rs 1,096.4 crore, while Flipkart India bore the remaining loss of Rs 836.5 crore. This loss is higher by several crores as compared to that of last year’s loss of Rs 715 crore.
A majority of the loss is due to the heavy discounts offers and the high logistics cost. Expert retail consultants opine that Flipkart should diversify in higher-margin products like apparel and home appliances to sustain its losses.
Even Flipkart’s aggressive staff recruitment resulted in the expenses rising to Rs 476 crore. Meanwhile, Flipkart’s Head of Commerce Mukesh Bansal hopes that the company will see a surge in sales six-fold in this financial year. Mukesh stated that Flipkart will sell goods worth Rs 65,000 crore in fiscal 2016 and double its seller count from 60,000 by March.
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