Zomato, Temasek, and LightRock led a $185 million funding round for Shiprocket. While the company was valued at over $930 million and narrowly missed unicorn status, it scaled quickly in FY21, with a healthy increase in profits after taxes (PAT).
According to its annual filings, Shiprocket’s operating revenue increased by 122 percent to Rs 358.01 crore in FY21 from Rs 161.19 crore the previous fiscal year. Its sole source of revenue has been the sale of logistic services. Providing essentially delivery management services to its core user base of SMEs and MSMEs e-commerce sellers, to be more precise.
The company has partnered with 17 courier companies, including Delhivery and Ecom Express. Shiprocket is a software-as-a-service platform that brings together companies like the ones mentioned above. The company also provides warehousing services in addition to providing a single window for merchants to choose their courier partners.
In line with the increase in revenue, the company’s total expenses increased by 126 percent to Rs 350.66 crore in FY21 from Rs 155.14 crore in FY20.
Shiprocket had a strong financial year in FY21, and is likely the only logistics-based platform that has remained profitable in the e-commerce logistics segment for the past two fiscal years (FY20 & FY21). In FY21, two key players in the supply chain space, Delhivery and Shadowfax, continued to lose money. With the recent large funding round, it is expected to significantly expand its scale in the current fiscal year (FY22).
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