Shiprocket’s revenue from operations grow by nearly 71% for FY22
The logistics enablement platform saw its expenses balloon during the year with rising consumption of materials and employee expenses.
Delhi-based logistics enablement platform reported Rs 611.13 crore revenue from operations for the financial year 2021-22, a 70.7% jump from the year-ago period with revenue of Rs 358.0 crore, according to filings made with the Registrar of Companies (RoC).
The revenue generated by the company was through sale of services which included income from shipping, technology, fulfilment and warehousing services. The company turned a unicorn earlier in August, 2022, valued at $1.3 billion after a round of $32.6 million backed by returning investors Lightrock, Temasek, Bertelsmann, Moore Strategic Ventures and others.
The company accrued losses of Rs 93.15 crore for FY22 as compared to profits of Rs 12.47 crore for FY21. Its expenses ballooned by nearly 107% for FY22 to Rs 727.8 crore.
The cost of materials consumed rose by nearly 1.8-times year-on-year to Rs 518.9 crore while employee benefits expense grew 2.8-times to Rs 122.66 crore. The cost of materials was the largest contributor to Shiprocket’s rising expenses.
The company’s expenses under the other expenses head also grew by 4.5-times to Rs 81.8 crore. This included rent and repairs to buildings as the logistics platform expanded its network of fulfilment centres during the year.
Founded in 2017 by Saahil Goel, Gautam Kapoor and Vishesh Khurana, Shiprocket offers its logistics fulfilment services to nearly 2.5 lakh merchants across direct-to-consumer brands and longtail sellers.
The company has made five acquisitions over the year to strengthen and consolidate its business. These companies include cargo shipping business Rocketbox, supply chain management platform Glaucus, marketing automation platform Wigzo, logistics aggregator Pickrr and Arvind Internet’s retail enablement business, Omuni.
Edited by Affirunisa Kankudti