Logistics Unicorn Shiprocket’s Releases FY24 Results: Revenue Up By 21% YoY to Rs 1,316 crore in FY24

Shiprocket, logistics unicorn, announced a 21% YoY increase in operating revenue for fiscal year 2024, totalling Rs 1,316 crore. This is a steady increase over the previous year’s income of Rs 1,088.7 crore.

The firm lowered its cash EBITDA burn by around 50%, from Rs 191 crore in FY23 to Rs 100 crore in FY24.

It also reported that the first two quarters of the fiscal year ending September 2024 are already profitable, putting it well ahead of its target of reaching complete profitability by FY 2025.

“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,” said Saahil Goel, managing director and chief executive officer

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Shiprocket is not profitable; it reported a net loss of Rs 595 crore, which was driven by three main factors: a non-cash, one-time restructuring and integration-related accounting impact of Rs 244 crore related to its acquired entities, significant ESOP issuances worth Rs 192 crore as part of its commitment to employee-centric initiatives, and significant investments in emerging businesses, overheads, and capability-building efforts.

Shiprocket completed a substantial restructure in FY23, incorporating many acquisitions, including Pickrr, Wigzo, and Omuni.

The restructure enabled the startup to enhance its core operations while expanding into developing business categories like as cross-border shipping, checkout services, and fulfilment.

“We effectively completed the merger and restructuring of our acquired businesses, resulting in a seamless transfer that improved our core activities. This year, we’ve focused on sustainable business growth and the development of cutting-edge technology solutions that simplify the eCommerce landscape for small and medium businesses. “Our strategic partnerships, including those with ONDC, DGFT, and India Post, have been critical in providing greater access and support to merchants across Bharat,” Goel stated.

Shiprocket’s future strategy focuses on increasing important new sectors, such as Cross-Border Enablement for Brands, Shiprocket Quick, Shiprocket Checkout, and Shiprocket Capital.