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The bulk of e-commerce, Flipkart Internet, reduced its consolidated losses to 11.606 billion rupees for the fiscal year ended March 31, 2018, in accordance with regulatory documents.
The company had recorded a total loss of 16.402 billion rupees in the previous year, according to documents filed with the Ministry of General Affairs.
Flipkart's operating income amounted to Rs 27.902 billion for 2017-2018, compared to Rs 18.824 billion the previous year, representing growth of 48.2%.
Once contacted, Flipkart declined to comment.
On an autonomous basis, the total loss was reduced to 11.57 billion rupees, while the revenues were greater than 27.902 billion rupees for 2017-18 compared to the previous year.
Flipkart, which operates various entities for various functions, provides e-commerce and support services through Flipkart Internet. The revenues of Flipkart Internet come mainly from services such as collection, marketing, storage and logistics.
Earlier in the year, Flipkart signed a large-scale deal with Walmart whereby the US retailer had acquired approximately 77% of the capital for approximately $ 16 billion. The transaction provided a nice return to investors such as SoftBank, who sold the entirety of their stake.
In India, Flipkart is battling a gigantic fight against the American e-commerce giant, Amazon, the two entities spending millions of dollars for promotions, infrastructure construction and logistics while 39, they encourage their customers to shop online.
Studies indicate that India's e-commerce market will reach $ 200 billion over the next few years.
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