AJIO vs Flipkart: Revenue, Profit and Business Model
AJIO does not publish annual revenue. Flipkart reported ~$9.6B of revenue in FY2025 and a net loss of ~$601.9M.
Latest financial snapshot
Financial summary
AJIO
Reliance Industries reports financial results for Reliance Retail but does not publish AJIO as a separate financial segment. Economic Times reported in December 2023 that AJIO was posting about $2 billion in annual gross merchandise value. GMV is the value of merchandise sold through a platform and is not the platform's accounting revenue.
Flipkart
Flipkart has grown revenue steadily while still losing money. Flipkart India Pvt Ltd's consolidated revenue from operations rose from ~$6.49 billion (₹55,924 crore) in FY2023 to ~$8.18 billion (₹70,542 crore) in FY2024 and ~$9.6 billion (₹82,787 crore) in FY2025 (+17.3%), but its consolidated loss widened from ~$493 million (₹4,248 crore) to ~$602 million (₹5,189 crore). The marketplace arm, Flipkart Internet, is improving faster: FY2025 revenue reached ~$2.38 billion (₹20,493 crore) and its net loss fell 37% to ~$173 million (₹1,494 crore), with EBITDA loss narrowing to ~$125 million (₹1,078 crore). Walmart paid $16 billion for 77% in 2018; later private valuations were $37.6 billion (2021 round), about $36 billion (2024 round led by Walmart with Google participating) and about $38.2 billion in a July 2026 employee buyback. Reports in September 2026 said Flipkart was targeting an IPO valuation near $50 billion, though the timeline remains uncertain.
Revenue and profit by year
AJIO
AJIO does not publish annual revenue. What is known about its finances is in the summary above.
Full AJIO financialsFlipkart
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$9.6B | ~-$601.9M | -6.3% | +17.4% | Source |
| FY2024 | ~$8.2B | ~-$492.8M | -6.0% | +26.1% | Source |
| FY2023 | ~$6.5B | — | 0.0% | — | Source |
Where the revenue comes from
AJIO
- Online retail sales
Sales of fashion and lifestyle merchandise through AJIO and AJIO Luxe. Reliance does not disclose this stream separately.
- Marketplace and brand commerce
Commerce involving third-party and partner brands on the platform. Commission rates and revenue contribution are not disclosed.
Flipkart
No segment breakdown is published.
Business model and strategy
AJIO
How it makes money
AJIO sells fashion and lifestyle products online, including merchandise from domestic and international brands and Reliance Retail's brand portfolio. AJIO Luxe is its luxury and premium storefront. AJIOGRAM is an in-app, content-led storefront for homegrown direct-to-consumer brands. AJIO Rush provides accelerated delivery in selected markets.
Growth strategy
Recent expansion has focused on catalogue additions, international brand launches, content-led discovery and faster delivery. AJIO launched AJIOGRAM in 2023, added ASOS and H&M in 2024, and introduced AJIO Rush in the first quarter of FY2025-26.
Competitive advantage
AJIO is part of Reliance Retail's digital ecosystem and can draw on the parent's fashion brand portfolio and retail capabilities. Its current offer spans a mass-market fashion storefront, AJIO Luxe, the AJIOGRAM discovery store and AJIO Rush delivery in selected markets.
Flipkart
How it makes money
Flipkart makes money from several linked businesses. 1. Marketplace (Flipkart Internet Pvt Ltd): third-party sellers list products on Flipkart and pay commissions, fixed fees, shipping and fulfilment charges, plus advertising fees for sponsored listings. Indian FDI rules bar foreign-owned marketplaces from holding inventory for sale to consumers, so the marketplace earns service income rather than product revenue;
Growth strategy
Flipkart's growth plan rests on three bets. First, value commerce: Shopsy targets price-sensitive shoppers in Tier-2 and Tier-3 towns against Meesho. Second, quick commerce: Flipkart Minutes, launched in August 2024, is expanding its dark-store network to compete with Blinkit, Swiggy Instamart, Zepto and Amazon Now.
Competitive advantage
Flipkart's edge comes from its own logistics network (Ekart), close knowledge of Indian shoppers, and leadership in smartphones and fashion. It built delivery in-house when third-party couriers were unreliable, owns Myntra in fashion, and uses exclusive phone launches and bank-backed no-cost EMIs to drive high-value electronics sales. Walmart's ownership gives it deep funding and global sourcing.
Questions about AJIO vs Flipkart
Which company has higher revenue — AJIO or Flipkart?
Flipkart reported ~$9.6B (FY2025). A verified revenue figure for AJIO was not available at the time of this comparison.
What is the market cap of AJIO vs Flipkart?
Flipkart has a market capitalisation of $38.2B. A public market cap figure for AJIO was not available (it may be privately held).
Which is more financially efficient — AJIO or Flipkart?
Flipkart generates $213k / employee in revenue per employee. A comparable figure for AJIO requires matching employee and revenue data from the same reporting period.
How do AJIO and Flipkart make money?
AJIO and Flipkart generate revenue in fundamentally different ways. AJIO: AJIO sells fashion and lifestyle products online, including merchandise from domestic and international brands and Reliance Retail's brand portfolio. Flipkart: Flipkart makes money from several linked businesses.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the AJIO vs Flipkart overview