Delhi NCR-based logistics unicorn Shiprocket saw its revenue increase by 20.8%, rising from INR 1,089 Cr to INR 1,316 Cr in the fiscal year ending on March 31, 2024.

The first two quarters of this fiscal year (ending in September 2024) were profitable, and the company expects to achieve even higher profitability by FY2025.

Shiprocket also reported a 50% reduction in total cash EBITDA burn, from INR 191 Cr in FY23 to INR 100 Cr in FY24.

However, the startup experienced a 74.4% decline in its bottom-line growth, with net losses increasing from INR 341 Cr in FY23 to INR 595 Cr in FY24. This surge in losses was primarily due to restructuring related to acquired companies, which resulted in an accounting integration impact of INR 244 Cr. Additionally, ESOP issuances of INR 192 Cr, investments in emerging businesses, and overhead expenses contributed to the widening losses.

Founded in 2017 by Saahil Goel, Vishesh Khurana, Akshay Gulati, and Gautam Kapoor, Shiprocket is an aggregator of third-party logistics companies. It collaborates with 17 courier partners, including Delhivery, FedEx, Aramex, Xpressbees, DTDC, and Shadowfax.