Logistics-tech unicorn Shiprocket said its revenue rose 21% year-on-year to Rs 1,316 crore in FY24, driven by growth in its core business of e-commerce enablement and also expanding scale in its emerging businesses such as cross border, checkout and fulfillment.
The company said while its core business has been strengthened by the integration of Pickrr’s domestic shipping business, its emerging businesses saw growth between 70-100% year-on-year in FY24.
However, a one-time, non-cash restructuring and integration-related accounting expense of Rs 244 crore pushed its net loss in FY24 to Rs 595 crore, from Rs 333.81 crore in FY23. The expense was related to its acquired entities. The company has used acquisitions several times to fuel inorganic growth in the past few years.
In 2022, it picked up an 80% stake in rival Pickrr in a $200-million deal, and then subsequently acquired the remaining stake. It also bought Glaucus Supply Chain Solutions and Omuni, the omni-channel technology business of apparel retailer Arvind.
The bottom line was also impacted by ESOP issuances worth Rs 192 crore during the year, it said, and broader investments in emerging businesses, overheads and capability-building.
The company, however, managed to reduce its cash burn by about 50% to Rs 100 crore in FY24, from Rs 191 crore a year ago. Shiprocket said it has been profitable for the first two quarters of this financial year, and is on track to achieve profitability in FY25.
“With over 1.5 lakh active sellers and an annualised GMV of $3 billion+ flowing through our platform, we are proud to power 5% of India’s eCommerce ecosystem,” the company said in a statement.
From: financialexpress
Financial News
