• Flipkart Internet secured ₹3,248.9 crore in internal funding from its Singapore-based parent through a rights issue.
  • The company reported ₹17,907.3 crore in revenue for FY24, a 21% year-on-year increase, while losses narrowed by 41% to ₹2,358 crore.

Flipkart Internet, the marketplace division of Walmart-owned Flipkart, has secured ₹3,248.9 crore in internal funding from its Singapore-based parent company.

According to filings with the Registrar of Companies (RoC), the capital was raised through a rights issue, with the company's board allotting 470,772 equity shares at ₹69,013.70 each to Flipkart Marketplace Private Limited.

This latest infusion follows a series of capital raises over the past year. In early 2023, Flipkart Internet received ₹1,421 crore in two separate tranches, while an additional ₹924 crore was invested by a related Singapore-based entity in January 2024.

Revenue Growth and Shrinking Losses in FY24

Flipkart Internet reported a revenue of ₹17,907.3 crore in FY24, marking a 21% year-on-year growth. The company also showed improved profitability, with losses narrowing by 41% to ₹2,358 crore from the previous year.

Its marketplace fee income, primarily from commissions on third-party seller sales, saw a marginal rise to ₹3,734.2 crore from ₹3,713.2 crore in FY23. Additionally, revenue from collection services increased to ₹1,225.8 crore, up from ₹1,114.3 crore in the previous year.

Operating through multiple entities in India, Flipkart Internet plays a critical role in the company’s marketplace operations, generating revenue via seller commissions, advertising, and allied services.

IPO Preparations Underway

The funding comes as Flipkart gears up for an initial public offering (IPO) in India, expected within the next 12 to 15 months. Reports indicate that the company is actively exploring listing opportunities while strengthening its financial position and operational capabilities.

In May 2023, Flipkart raised $1 billion in funding, including a $350 million investment from Google, valuing the company at approximately $35–36 billion.

As part of its strategic growth, Flipkart is expanding into quick commerce through its "Minutes" service, competing with Blinkit, Zepto, and Swiggy Instamart. Earlier this year, Flipkart brought in Kabeer Biswas, co-founder of Dunzo, to lead this segment.

Edited by Harshajit Sarmah