Flipkart vs Zalando: Revenue, Profit and Business Model
Flipkart had ~$9.6B of annual revenue in FY2025 and a net loss of ~$601.9M. Zalando had ~$14B of annual revenue in FY2025 and ~$243.1M of net income.
Latest financial snapshot
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.
Zalando
Zalando's FY2025 revenue rose 16.8% to ~$14 billion (€12.35 billion), mainly because ABOUT YOU was consolidated from July 2025. Adjusted EBIT was ~$668 million (€591 million) and net income was about $243 million (€215 million). H1 2026 revenue rose 22.2% to ~$7.25 billion (€6.42 billion) on a reported basis. For full-year 2026, Zalando guides to adjusted EBIT of €680-720 million.
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 |
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).
Zalando
- B2C (Zalando, ABOUT YOU, Lounge by Zalando)~91%
Wholesale sales, partner programme commissions and retail media across the three consumer apps; about $12.8 billion (€11.3 billion) of revenue in FY2025.
- B2B (ZEOS and SCAYLE)~9%
Fulfilment and logistics services for brands plus commerce software; revenue rose 14.6% to about $1.24 billion (€1.1 billion) in FY2025.
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.
Zalando
How it makes money
Zalando reports two segments. B2C covers the Zalando, ABOUT YOU and Lounge by Zalando apps. There it earns money from goods it buys and resells itself (wholesale), from commissions in its partner programme where brands sell directly to Zalando customers, and from retail media sold through Zalando Marketing Services. B2C produced about $12.8 billion (€11.3 billion) of revenue in 2025.
Growth strategy
Zalando's plan rests on two growth vectors. In B2C it runs a multi-app approach, with Zalando, ABOUT YOU and Lounge by Zalando aimed at different customer groups. It is also widening into sports, beauty and home & living, and using AI tools such as the Zalando Assistant. In B2B it opens its logistics network (ZEOS) and software (SCAYLE) to outside brands and retailers.
Competitive advantage
Zalando combines a large customer base (62.5 million active customers in Q2 2026), relationships with thousands of brands through its partner programme, and a European logistics and software stack that it now sells to other companies through ZEOS and SCAYLE.
Questions about Flipkart vs Zalando
Which company has higher revenue — Flipkart or Zalando?
Flipkart had ~$9.6B (FY2025), while Zalando had ~$14B (FY2025). By latest annual revenue, Zalando is the larger business, with Flipkart showing a smaller revenue base.
What is the market cap of Flipkart vs Zalando?
Zalando has a market capitalisation of $7.5B. A public market cap figure for Flipkart was not available (it may be privately held).
How does revenue per employee compare for Flipkart and Zalando?
Flipkart has $213k / employee in revenue per employee, while Zalando has $900k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Flipkart and Zalando make money?
Flipkart and Zalando generate revenue in fundamentally different ways. Flipkart: Flipkart makes money from several linked businesses. Zalando: Zalando reports two segments.
Is Flipkart bigger than Zalando?
By last reported revenue, Zalando (~$14B (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 Zalando overview