New Delhi, November 9: E-commerce platform Flipkart's logistics arm reported a more than five times surge in its net losses to Rs 1,718.4 crore last fiscal (FY24), compared to Rs 324.6 crore in the previous fiscal (FY23).
Instakart Services, which operates Ekart Logistics, also clocked a 5 per cent revenue decline at Rs 12,115.3 crore in FY24, compared to Rs 12,787.4 crore in the year-ago period.
The expenses rose by over 6 per cent to Rs 14,149.4 crore from Rs 13,325 crore. Total income narrowed by 4.
3 per cent to Rs 12,431 crore from Rs 13,001 crore, as per its regulatory documents. India Smartphone Market To See 7–8% Growth This Year Driven by Demand for Premium, 5G and AI Smartphones: Report. As per the documents, the company reported depreciation, depletion and amortisation expenses at Rs 1,183 crore and employee benefit expenses of Rs 1,244 crore in FY24.
In FY23, the depreciation, depletion, and amortisation expense was Rs 1,204 crore and the employee benefit expense was Rs 1,132 crore. Founded in 2009, Ekart provides fourth-party logistics (4PL) services to many small and large-scale businesses across the country. With grade-A warehouses across 20 locations and more than 7,000 trucks, Ekart delivers across 15,000 pin codes.
Ekart has partnered with more than 300 brands for business-to-business (B2B), warehousing, and dropship services, providing customised end-to-end (E2E) solutions for industries across direct-to-consumer (D2C), retail, apparel and fashion, and fin.