SUMMARY
- Shiprocket’s operating revenue rose by 20.8% to reach Rs 1,316 crore in FY24.
- It recorded a net loss of Rs 595 crore in FY24.
- It is headed towards achieving profitability in FY25.
Logistics startup Shiprocket‘s operating revenue rose by 20.8% to reach Rs 1,316 crore in FY24 from Rs 1,089 crore in FY23.
Yet, the Delhi NCR-based company faced a substantial decline in its bottom line growth, with a 74.4% slump in its net profit. It recorded a net loss of Rs 595 crore in FY24, growing from the Rs 341 crore net loss in FY23.
This surge in loss was explained by the company to have taken place due to a one-time restructuring and integration-related accounting impact of Rs 244 crore, which was associated with the acquired entities.
Additionally, the issuance of ESOPs worth Rs 192 crore during the year, as well as investments in emerging businesses, overheads, and capability-building, contributed to the widened loss margins.
The company reported that the first two quarters of the current financial year are already profitable, and it is headed towards achieving profitability in FY25.
Moreover, the startup claimed to have reported around a 50% reduction in the overall cash EBITDA burn, lowering it to Rs 100 crore in FY24 from Rs 191 crore in FY23.
“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,” Shiprocket’s MD and CEO, Saahil Goel stated.
Shiprocket, founded in 2017 by Saahil Goel, Vishesh Khurana, Akshay Gulati, and Gautam Kapoor, is an aggregator of third-party logistics companies. It collaborates with 17 courier partners, including Delhivery, FedEx, Aramex, Xpressbees, DTDC, and Shadowfax.
Goel also shared that the company currently has a network of over 1.5 lakh active sellers and an annualized GMV of $3 billion, accounting for 5% of India’s ecommerce landscape.
