Shiprocket’s FY23 Revenue Crosses INR 1,000 Cr Mark, Reports 3.6X Surge In Loss

Delhi NCR-based logistics unicorn Shiprocket has witnessed a 78% increase in its operating revenue in the financial year ending on March 31, 2023. The Zomato-backed logistics startup reported an operating revenue of INR 1,089 Cr, a 1.7X upswing from INR 611 Cr it had reported in the previous fiscal year.

The startup saw its net loss widen by 3.6X on the back of its multiple acquisitions. The logistics unicorn reported a net loss of INR 341 Cr in FY23, a 266% surge from INR 93.1 Cr it had reported in the previous fiscal year. 

The startup blamed its two acquisitions – Omuni for INR 200 Cr and one of its rivals Pickrr for $200 Mn in FY23 – the primary reason for its more than 3-fold increase in loss. 

Additionally, the startup further claimed that FY23 was the first complete operational year for its other acquired businesses such as Wigzo and Glaucus which contributed to Shiprocket’s growing losses. 

Shiprocket said that its parent entity – Bigfoot Retail Private Limited – absorbed a loss worth INR 184 Cr in the completion of these acquisitions. The parent entity further incurred a loss of INR 88 Cr as ESOP cost and INR 71 Cr as an exceptional cost for the accounting treatment for some of its investments. 

Shiprocket has been on an acquisition spree since the beginning of 2022. After bagging $185 Mn from Zomato and Temasek at the end of 2021, Shiprocket went on to acquire Wigzo, Rocketbox, Glaucus, Pickrr, and Omuni in quick succession to expand its product offerings. 

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