Flipkart vs JioMart Express: Revenue, Profit and Business Model
Flipkart had ~$9.6B of annual revenue in FY2025 and a net loss of ~$601.9M. A full-year revenue figure is unavailable here for JioMart Express.
Latest financial snapshot
Flipkart
- Latest annual revenue
- ~$9.6B (FY2025)
- Net income
- ~-$601.9M
- Net margin
- -6.3%
- Revenue growth
- +21.7% a year, FY2023–FY2025
JioMart Express
A revenue or profit figure is unavailable here for JioMart Express.
Financial summary
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.
JioMart Express
Reliance never reported standalone revenue for JioMart Express, so any revenue figure for the service would be a guess. Its parent, Reliance Retail, reported FY26 (year to March 2026) gross revenue of Rs 3,70,026 crore (about $39 billion), up 11.8%, and profit after tax of about Rs 13,840 crore. In Q1 FY27 (April-June 2026), gross revenue rose 7.4% to Rs 90,408 crore while profit fell 14.2% to Rs 2,806 crore, mainly because of quick-commerce spending at JioMart.
Revenue and profit by year
Flipkart
| 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 | — | — | — | Source |
JioMart Express
A revenue figure is unavailable here for JioMart Express. What is known about its finances is in the summary above.
Where the revenue comes from
Flipkart
- Marketplace (Flipkart Internet)
Not formally reported
Commissions, fixed fees, shipping and fulfilment charges from third-party sellers, plus advertising fees for sponsored listings: about $2.38 billion (INR 20,493 crore) in FY2025, up 14%.
- Flipkart India (B2B Goods)
Not formally reported
Consolidated revenue from operations of about $9.6 billion (INR 82,787 crore) in FY2025, mostly from selling goods business-to-business, including supplying sellers and kirana stores.
- Group Businesses
Not formally reported
Myntra (fashion and beauty), Ekart (logistics), Cleartrip (travel commissions) and Shopsy (low-price social commerce).
JioMart Express
- Grocery and essentials sales
Not disclosed
Retail margin on groceries, fresh produce and household items.
- Delivery fees
Not disclosed
Fees charged on fast-delivery orders.
Business model and strategy
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.
JioMart Express
How it makes money
JioMart Express sold groceries and daily essentials to consumers (B2C). Orders were picked from nearby Reliance retail stores rather than a central warehouse and delivered within a promised window of about 90 minutes. Revenue came from the retail margin on goods sold plus delivery fees. Reliance never disclosed separate revenue for the service.
Growth strategy
Reliance did not grow JioMart Express beyond its pilot. It closed the app in February 2023 and later built quick commerce into the main JioMart app instead. That rebuilt network reached 1.6 million average daily orders by January 2026, and average daily orders grew 116% year on year in the June 2026 quarter.
Competitive advantage
Reliance's advantage was its existing store network. Instead of leasing new dark stores, JioMart Express could pick orders from stores that already had stock and staff. That advantage did not save the 2022 app, but it is the base of JioMart's current quick-commerce push, which links more than 2,500 digital, fashion and lifestyle stores to a two-hour delivery network.
Questions about Flipkart vs JioMart Express
Which company has higher revenue — Flipkart or JioMart Express?
Flipkart had ~$9.6B (FY2025). A comparable annual revenue figure for JioMart Express was unavailable here.
How does revenue per employee compare for Flipkart and JioMart Express?
Flipkart generates $213k / employee in revenue per employee. A comparable figure for JioMart Express requires matching employee and revenue data from the same reporting period.
How do Flipkart and JioMart Express make money?
Flipkart and JioMart Express generate revenue in fundamentally different ways. Flipkart: Flipkart makes money from several linked businesses. JioMart Express: JioMart Express sold groceries and daily essentials to consumers (B2C).
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 Flipkart vs JioMart Express overview