Senior Correspondent, IndianRetailer.com & Retailer Magazine Dec 15, 2017 / 2 MIN READ
Flipkart India, the wholesale arm of the online retailer, posted a 19% increase in turnover for the year ending March 2017, registering Rs 15,264 crore during FY17 compared to Rs 12,818 crore in the previous year, according to the company’s annual return, sourced through data-platform Tofler.
The unit’s turnover in FY15 was Rs 9,351.7 crore, reflecting a steady increase in revenues over the last three fiscals.
On the other hand, its rival Amazon’s wholesale unit in India reported a tremendous jump in turnover of nearly 2,700 times to Rs 7,047 crore during FY17 from Rs 2.63 crore of the previous years. During FY15, Amazon Wholesale India reported Rs 6.6 crore of turnovers. The surge in Amazon Wholesale India's turnover came after the government issued guidelines in early 2016 stipulating that sales from a single vendor could not exceed 25% of the total gross sales of an online marketplace.
Singapore-registered Flipkart operates a complex group of companies to comply with regulations while raising foreign funds.
The hiring drive comes after the company had to trim costs in 2016 and 2017 and saw its corporate workforce fall from being 15,000-strong at the end of 2015 to 8,000 employees.
Flipkart's fourth private-label clothing brand,Miss & Chief, will include apparel, footwear and educational toys for children.
Locked in an intense battle for market leadership against American rival Amazon in India, Flipkart had recently inked an agreement with Walmart.
Unlike Amazon's Prime service, Flipkart Plus won't be a paid programme but will bring along many offers like free delivery, early access to sale events like Big Billion Day, and other rewards across brands based on the frequency of transactions a customer
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