Flipkart burned $1.1 billion in cash in six months

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Flipkart reportedly burned $1.1 billion in cash between February and July of this year.

“As of July 31, 2022, and January 31, 2022, respectively, cash and cash equivalents of $3.5 billion and $4.3 billion may not be freely transferable to the United States due to local laws or other restrictions,” Walmart stated in its quarterly report for the quarter ended July 31. Walmart denotes cash that is not freely transferable to the US as cash in the market in its filing with the Securities and Exchange Commission (SEC). “Of the $3.5 billion at July 31, 2022, approximately $1.1 billion can only be accessed through dividends or intercompany financing arrangements subject to approval of Flipkart minority shareholders; however, this cash is expected to be used by Flipkart,” the US-based retailer added.

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Flipkart burned $1.1 billion in cash in six months

Flipkart reportedly burned $1.1 billion in cash between February and July of this year.

“As of July 31, 2022, and January 31, 2022, respectively, cash and cash equivalents of $3.5 billion and $4.3 billion may not be freely transferable to the United States due to local laws or other restrictions,” Walmart stated in its quarterly report for the quarter ended July 31. Walmart denotes cash that is not freely transferable to the US as cash in the market in its filing with the Securities and Exchange Commission (SEC). “Of the $3.5 billion at July 31, 2022, approximately $1.1 billion can only be accessed through dividends or intercompany financing arrangements subject to approval of Flipkart minority shareholders; however, this cash is expected to be used by Flipkart,” the US-based retailer added.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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