Things look really on track for India’s largest ecommerce player. Flipkart has filed its first financials (accessed via — link is paywalled) post its celebrated $16Bn Walmart acquisition, and the numbers look extremely promising. These must be not be confused with earlier figures though, since these are consolidated group numbers filed by Flipkart’s Singapore holding company.

In terms of revenues, the company clocked a record $6 Billion in consolidated revenues for financial year 2019, an unprecedented 42% increase in group revenue from the previous year’s revenue of INR 30,644 crore ($4.32 billion). The company posted INR 42,878 crore in revenue from contracts with customers with total revenue adding up to INR 43,615 crore ($6.14 billion).

Expenses have considerably reduced as well, with over 63% reduction in numbers. Overall expenses went down significantly from a FY ‘18 total of INR 46,895 crore ($6.6 billion) to INR 17,281 crore ($2.4 billion). However, what must be noted here, is the fact that FY 18 saw expenses largely due to the costs involved in the overall Walmart deal execution.

According to an analysis posted by, overall costs for the company — excluding finance costs — have actually shot up by a staggering 118%. Clearly, operational optimization still looks a far off dream.

Expectedly, since Walmart took over, employee benefit expenses have shot up by 58% to INR 4254 crore ($600 million). This is attributable to a rather much heavier spend by western companies on employee benefits, compared with their Indian counter parts.