Shiprocket, a promising logistics and supply chain enabler, has observed decent growth in the fiscal year ending March 2024. Sahil Goel, Co-Founder & CEO at Shiprocket claimed that the company’s operating revenue grew 21 percent year-on-year and has reached INR 1,316 crore in the last fiscal year.
To take into context, Shiprocket recorded INR 1,088.7 crore in revenue from operations in FY23. If we look at the losses, it stood at INR 333.81 crore which includes INR 63.16 crore worth of exceptional items booked for amortization of intangible assets and investment provisions, during the period.
Furthermore, Goel claimed that Shiprocket reduced its cash EBITDA burn by a staggering 48 percent; it decreased to INR 100 crore in FY24 from INR 191 crore in FY23. As per him, the reduction in losses was a key factor in the company achieving cash profitability in the first two-quarters of FY25. Additionally, according to Goel’s LinkedIn post, the improved EBITDA margin reflects Shiprocket’s focus towards optimizing operational efficiency, reducing costs, and increasing its profit margins.
Goel further stated, “Our Emerging Businesses are growing at a rate of ~75% Y-o-Y including Shiprocket Cross Border, Checkout, Capital, and other innovations that are leading the way as we rapidly scale new products and offerings for Indian SMBs.”
Also to note, the integration of Pickrr’s Domestic Shipping has also played a pivotal role in strengthening Shiprocket's core platform.
Shiprocket was founded by Goel, Gautam Kapoor, and Vishesh Khurana with a focus towards providing logistics and supply chain solutions to retailers; enabling them to integrate their shopping websites across e-commerce enablers like Shopify, Magenta, among others. Furthermore, the company claims to empower over 1.5 lakh active businesses and enable 5 percent of India’s e-commerce through its platform.
If we look back to December 2021, Shiprocket raised USD 185 million in a Series E round and was co-led by Zomato, Temasek, and Lightrock India. Moreover, the firm evolved as an unicorn in August 2022 following a USD 33 million tranche. For instance, it also scooped up USD 11 million from McKinsey at a flat valuation in October last year.
