Shiprocket, a fast-growing ecommerce enablement startup, has reported a 21% year-on-year (YoY) growth in its operating revenue for the fiscal year 2024. The company’s revenue increased to Rs 1,316 crore, up from Rs 1,088.7 crore in the previous year, demonstrating consistent progress in its business operations.
Shiprocket Revenue
While Shiprocket saw growth in revenue, the company made significant strides in reducing its cash EBITDA burn by nearly 50%. The EBITDA loss decreased from Rs 191 crore in FY23 to Rs 100 crore in FY24, showing improvements in the company’s operational efficiency. Additionally, the first two quarters of FY24, ending in September 2024, were already profitable, putting the startup on track to achieve full profitability by FY25.
Is Shiprocket Profitable?
Despite the positive revenue growth and reduced cash burn, Shiprocket is not yet fully profitable. The company reported a net loss of Rs 595 crore. This loss is primarily due to three major factors: a one-time restructuring and integration-related cost of Rs 244 crore from acquisitions, substantial ESOP issuances worth Rs 192 crore as part of employee initiatives, and investments in emerging business segments, along with higher overhead costs.
Shiprocket Business Expansion
In FY23, Shiprocket underwent a significant restructuring phase, integrating its acquired businesses such as Pickrr, Wigzo, and Omuni. This restructuring has helped the company strengthen its core operations and expand into new business areas like cross-border shipping, checkout services, and fulfillment solutions.
According to Saahil Goel, Managing Director and CEO of Shiprocket, the company has been focused on building a comprehensive tech stack for SMBs, including solutions like Shiprocket Capital, Shiprocket Checkout, Shiprocket Quick, Shiprocket Cargo, and the Cross Border Platform. The company’s partnerships with organizations like ONDC, DGFT, and India Post have also played a key role in expanding its reach and services to more merchants across India.
Shiprocket Future Outlook
Shiprocket aims to continue scaling its business sustainably by launching new technology solutions and supporting the evolving needs of small and medium businesses. With the restructuring complete, the startup is well-positioned for further growth and innovation in the eCommerce space.
