Shiprocket’s Revenue Crosses INR 1,300 Cr Mark
by Bhupendra Paintola · Inc42SUMMARY
- The company also reported that it is well on track to achieve profitability by FY2025
- ESOP issuances worth INR 192 Cr during the year as well as investments in emerging businesses, overheads, and capability-building contributed to the widened loss margins
- The logistic unicorn's net loss rose to INR 595 Cr in FY24 from INR 341 Cr in FY23
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Delhi NCR-based logistics unicorn Shiprocket’s operating revenue jumped 20.8% to INR 1,316 Cr in the financial year ending on March 31, 2024, from INR 1,089 Cr in the previous fiscal year.
However, the startup experienced a 74.4% slump in its bottom line growth. It saw a net loss of INR 595 Cr in FY24 from INR 341 Cr in FY23.
The startup attributed the primary reason behind this surge in loss to a one-time restructuring and integration-related accounting impact of INR 244 Cr related to acquired entities.
Besides, ESOP issuances worth INR 192 Cr during the year as well as investments in emerging businesses, overheads, and capability-building were the other factors contributing to the widened loss margins.
The company also reported that the first two quarters of this financial year, ending in September 2024 are already profitable and it is well on track to achieve profitability by FY2025.
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The startup also claims to have reported around 50% reduction in the overall cash EBITDA burn, reducing it to INR 100 Cr in FY24 from INR 191 Cr in FY23.
Founded in 2017 by Saahil Goel, Vishesh Khurana, Akshay Gulati, and Gautam Kapoor, shiprocket is an aggregator of third-party logistics companies. It works with 17 courier partners, including Delhivery, FedEx, Aramex, Xpressbees, DTDC, and Shadowfax.
Shiprocket’s MD and CEO Saahil Goel claimed that the company currently boast a network of over 1.5 lakh active sellers and an annualised GMV of $3 Bn, contributing to 5% of India’s ecommerce landscape.
“FY24 has been a transformative year for Shiprocket, marking a pivotal milestone in our journey towards building India’s most comprehensive tech stack for SMBs, including Shiprocket Capital, Shiprocket Checkout, Shiprocket Quick, Shiprocket Cargo and our Cross Border Platform while continuing our efforts to innovate and support the evolving needs of our merchants.,” Goyal added.