Flipkart board member and investor, Subrata Mitra today said money raised through the latest round of funding will be utilised to make profits and shave off company’s burn on weekly basis, in a quest to ride its business towards right metrics.
“We are definitely very very eyes on the ball with respect to our burn and a direction towards profitability. Every month we are shaving off our burn and that is something that both Binny Bansal and Kalyan Krishnamurthy are looking at on a weekly basis, I presume, which is very important because we want to ride this business towards right metrics,” he told ET Now here.
Mitra of Accel Partners was responding to a query whether Flipkart would focus on making profits after forging partnerships with Tencent, Microsoft and eBay. He, however, did not divulge the timeline of making profits.
Recently, one of the co-founders had said that the company hopes of becoming profitable in next 2-3 years and expecting to launch its IPO in 2-5 years.
Asked how difficult it was for Flipkart to get investors on board when the valuation of the company had been lowered for now, Mitra said it was a difficult call, but was not an impossible task and happened quickly.
Source: Financial Express