The scale of Delhivery, Ecom Express, and Shadowfax demonstrates the exponential growth of e-commerce-focused logistics in the last decade. By outpacing BlueDart in terms of revenue in FY21, Delhivery became India’s largest supply-chain company. During the fiscal year ending March 2021, its operating income increased by 31% to Rs 3,646 crore.
While Ecom Express has yet to file its annual financial statements for FY21, Shadowfax has shown strong growth, with operating revenue up 43.7 percent.
The company’s revenue for FY21 was nearly Rs 464 crore, up from Rs 323 crore in FY20, according to its annual filings. To put things in perspective, Shadowfax’s revenue increased by 93% in FY20.
The Bengaluru-based company claims to work with over 100 brand partners and provides logistics and delivery services in over 700 cities across India. During FY21, the Flipkart-backed company earned Rs 23.76 crore from its financial assets, a 148 percent increase in non-operating income.
In line with the increase in revenue, the company’s total expenses increased by 48.1 percent to Rs 620.51 crore in FY21, up from Rs 418.96 crore in FY20. During the fiscal year that ended in March 2021, Shadowfax spent Rs 1.34 to earn a single rupee of operating revenue, which remained relatively stable.
Payments to delivery personnel are the logistics company’s largest cost centre, accounting for 45.2 percent of annual costs in the previous fiscal year. From Rs 222.25 crore in FY20 to Rs 280.71 crore in FY21, these costs increased by 26.3 percent to Rs 280.71 crore.
The cost of operating delivery vehicles was the second-largest line item on the expenses sheet, accounting for 24.2 percent of the total costs. In FY21, such expenses increased by nearly 86 percent to a little over Rs 150 crore, up from Rs 80.7 crore in the previous fiscal.
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