Flipkart vs MercadoLibre: Revenue, Profit and Business Model
Flipkart had ~$9.6B of annual revenue in FY2025 and a net loss of ~$601.9M. MercadoLibre had $28.9B of annual revenue in FY2025 and $2B of net income.
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
MercadoLibre
- Latest annual revenue
- $28.9B (FY2025)
- Net income
- $2B
- Net margin
- 6.9%
- Revenue growth
- +48.1% a year, FY2016–FY2025
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.
MercadoLibre
Revenue has compounded quickly: $10.8 billion in 2022, $15.1 billion in 2023, $20.8 billion in 2024 and $28.9 billion in 2025. Net income rose from $482 million in 2022 to about $2.0 billion in 2025, and 2025 operating cash flow was about $12.1 billion, boosted by fintech balances. Margins are now under pressure. In Q2 2026, revenue grew 50% to $10.2 billion, but operating income was $683 million (a 6.7% margin) and net income fell 11% to $466 million, or $9.19 per share. The drivers were credit-card expansion, free-shipping subsidies and first-party retail investment. MercadoLibre, Inc. is the absolute largest e-commerce and payments ecosystem in Latin America, commanding a monumental market valuation generally exceeding $80 billion.
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 |
MercadoLibre
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $28.9B | $2B | 6.9% | +39.1% | Source |
| FY2024 | $20.8B | $1.9B | 9.2% | +37.5% | Source |
| FY2023 | $15.1B | $987M | 6.5% | +40.1% | Source |
| FY2022 | $10.8B | $482M | 4.5% | +52.5% | Source |
| FY2021 | $7.1B | $83M | 1.2% | +77.9% | Source |
| FY2020 | $4B | -$1M | -0.0% | +73.1% | Source |
| FY2019 | $2.3B | -$172M | -7.5% | +59.5% | Source |
| FY2018 | $1.4B | -$36.6M | -2.5% | +18.3% | Source |
| FY2017 | $1.2B | $13.8M | 1.1% | +44.1% | Source |
| FY2016 | $844.4M | $136.4M | 16.1% | — | Source |
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).
MercadoLibre
- Commerce (Mercado Libre)
Not formally reported
Seller commissions on marketplace sales, shipping and fulfillment fees through Mercado Envios, advertising through Mercado Ads, and some first-party retail.
- Fintech (Mercado Pago)
Not formally reported
Merchant fees on online and in-store payments, plus interest on consumer loans, merchant loans and credit cards. Assets under management reached $23 billion in Q2 2026.
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.
MercadoLibre
How it makes money
MercadoLibre makes money in two ways. Commerce (Mercado Libre) charges sellers commissions on marketplace sales, collects shipping and fulfillment fees through Mercado Envios, sells advertising through Mercado Ads, and runs some first-party retail.
Growth strategy
Growth is coming from three places. First, buyer frequency: unique active buyers rose 26% to 89.3 million in Q2 2026 after Brazil's free-shipping threshold was lowered. Second, fintech depth: Mercado Pago monthly active users grew 30% to 88 million, quarterly payment volume topped $100 billion, and the credit book reached $16.4 billion. Third, higher-margin add-ons such as Mercado Ads and the Meli+ subscription.
Competitive advantage
MercadoLibre's main edge is that commerce, payments, credit and logistics all sit inside one company. It runs its own fulfillment centers, delivery fleet and Meli Air cargo flights, so it controls delivery speed in markets where postal services are unreliable.
Questions about Flipkart vs MercadoLibre
Which company has higher revenue — Flipkart or MercadoLibre, Inc.?
Flipkart had ~$9.6B (FY2025), while MercadoLibre, Inc. had $28.9B (FY2025). By latest annual revenue, MercadoLibre, Inc. is the larger business, with Flipkart showing a smaller revenue base.
What is the market cap of Flipkart vs MercadoLibre, Inc.?
MercadoLibre, Inc. has a market capitalisation of $89.0B. A public market cap figure for Flipkart was not available (it may be privately held).
How does revenue per employee compare for Flipkart and MercadoLibre, Inc.?
Flipkart has $213k / employee in revenue per employee, while MercadoLibre, Inc. has $234k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Flipkart and MercadoLibre, Inc. make money?
Flipkart and MercadoLibre, Inc. generate revenue in fundamentally different ways. Flipkart: Flipkart makes money from several linked businesses. MercadoLibre, Inc.: MercadoLibre makes money in two ways.
Is Flipkart bigger than MercadoLibre, Inc.?
By last reported revenue, MercadoLibre, Inc. ($28.9B (FY2025)) is the larger company compared to Flipkart (~$9.6B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
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 MercadoLibre overview