Shiprocket, a prominent logistics and supply chain facilitator, has demonstrated noteworthy growth for the fiscal year ending in March 2024. Co-founder and CEO Sahil Goel announced that the company’s operational revenue surged by 21% year-on-year, reaching ₹1,316 crore in the last fiscal year.
To provide some context, Shiprocket had generated ₹1,088.7 crore in operational revenue in FY23, alongside losses amounting to ₹333.81 crore. This figure included exceptional items totaling ₹63.16 crore, which accounted for the amortization of intangible assets and investment provisions.
Although the company is not yet profitable, Goel indicated that Shiprocket successfully slashed its cash EBITDA burn by 48%, reducing it from ₹191 crore in FY23 to ₹100 crore in FY24. He stated that this decline in losses was instrumental in achieving cash profitability during the first half of FY25.
Goel also highlighted that the improved EBITDA margin reflects the company’s dedication to enhancing operational efficiency, lowering expenses, and boosting profit margins, as shared in his LinkedIn post.
“Our Emerging Businesses are experiencing remarkable growth at approximately 75% year-on-year, which includes Shiprocket Cross Border, Checkout, Capital, and various innovations that are paving the way for us to rapidly expand new products and services for Indian small and medium businesses,” Goel stated.
The incorporation of Pickrr’s Domestic Shipping has also been vital in fortifying Shiprocket’s foundational platform.
Established by Goel, Gautam Kapoor, and Vishesh Khurana, Shiprocket offers logistics and supply chain solutions tailored for retailers, allowing them to integrate their e-commerce platforms with services like Shopify, Magento, and others. The company claims to support over 150,000 active businesses, facilitating 5% of India’s e-commerce activity through its platform.
In December 2021, Shiprocket secured $185 million in a Series E funding round co-led by Zomato, Temasek, and Lightrock India. The company achieved unicorn status in August 2022 after receiving an additional $33 million tranche. Last October, it raised $11 million from McKinsey at a flat valuation.