Logistics firm Shiprocket reports INR 595 crore net loss in FY24

NEW DELHI — Logistics and supply chain company Shiprocket has reported INR 595 crore net loss in the fiscal 2024, a 75 per cent increase from Rs 340 crore loss in FY23.

The reported INR (-) 595 crore PAT is primarily driven by three key factors — one-time restructuring and integration-related accounting impact of INR 244 crore related to acquired entities, employee stock ownership plans worth INR 192 crore and investments in emerging businesses, overheads, and capability-building, said the company in its filing.

While Shiprocket is far away from profitability, Saahil Goel, MD and CEO of the company, claimed that they reduced cash EBITDA burn by 48 per cent, bringing it down from INR 191 crore in FY23 to INR 100 crore in FY24.

The company reported 21 per cent revenue growth (year-on-year) for FY24, reaching a milestone Rs 1,316 crore.

It said that first two quarters of this financial year ending September 2024 are already profitable, positioning it on the path to achieve full profitability by FY25.

“This year, our focus has been on scaling the business sustainably and launching cutting-edge tech solutions that simplify the e-commerce landscape for SMBs,” said Goyal.

“With over 1.5 lakh active sellers and an annualised GMV of $3 billion+ flowing through our platform, we are proud to power 5 per cent of India’s e-commerce ecosystem,” he added.

In 2021, Shiprocket raised $185 million in a Series E round co-led by Zomato, Temasek and Lightrock India. It became unicorn in August 2022.

The logistics technology platform had acquired a majority stake in Pickrr, an ecommerce software-as-a-service (SaaS) platform for D2C brands and SME e-tailers for around $200 million (nearly INR 1,560 crore).

Moving forward, Shiprocket’s strategic focus will be on expanding key emerging areas, including cross-border enablement for brands.