WS Retail Terminates Selling on Flipkart’s Platform
WS Retail which is Flipkart’s ex-in-house vendor and one of the biggest sellers in the Indian e-commerce sector has announced that it has stopped the sale of its products on the platform of Flipkart.
The revenues of WS Retail declined 67% from Rs 13,900 crore in fiscal 2016 to Rs 4,600 crore in fiscal 2017. The company reported a net loss of Rs 24 crore for the financial year 2017, however, in the previous year, it made a profit of around Rs 5 crore.
“As Flipkart reduced its dependency on WS Retail and shifted a large chunk of its sales to other vendors, the company may have found it difficult to sustain operations,” said a source.
Founded by Flipkart founders Sachin Bansal and Binny Bansal, who later sold it to investors, WS Retail used to generate a bulk of the e-tailer’s revenu...