New Delhi 23rd October 2024: Shiprocket, India’s 106th unicorn and fourth largest eCommerce enablement platform, today announced a significant 21% Y-o-Y revenue growth for FY23-24, reaching a milestone INR 1,316 Cr. The growth reflects the company’s robust business performance and consistent upward trajectory, underscoring its continued market strength and operational health. The company reduced its Cash EBITDA burn by ~50% (from INR 191 Cr in FY23 to INR 100 Cr in FY24). The company also announced that the first 2 quarters of this financial year ending September 2024 are already profitable, positioning it well ahead of its goal to achieve full profitability by FY 2025.
Shiprocket’s unwavering dedication to empowering India’s SMBs through a comprehensive eCommerce enablement platform has driven the company to intensify its strategic investments across both its Core and Emerging Businesses. In particular, Shiprocket’s Emerging Businesses are growing at a rate of 70-100% Y-o-Y including Shiprocket Cross Border, Checkout, Shiprocket Fulfillment, and many others. This impressive growth showcases Shiprocket’s ability to cross-sell, rapidly scale the platform, and effectively distribute and expand new offerings.
Saahil Goel, MD and CEO of Shiprocket said, “FY24 has been a transformative year for Shiprocket, marking a pivotal milestone in our journey towards building India’s most comprehensive tech stack for SMBs, including Shiprocket Capital, Shiprocket Checkout, Shiprocket Quick, Shiprocket Cargo and our Cross Border Platform while continuing our efforts to innovate and support the evolving needs of our merchants. We successfully concluded the integration and restructuring of our acquired businesses, ensuring a smooth transition that strengthened our core operations. This year, our focus has been on scaling the business sustainably and launching cutting-edge tech solutions that simplify the eCommerce landscape for SMBs. Our strategic partnerships, including those with ONDC, DGFT and India Post have been crucial in providing greater access and support to merchants across Bharat. As we march closer to India’s vision of Viksit Bharat, our goal of empowering SMBs and digital businesses across Bharat becomes increasingly vital. With over 1.5 lakh active sellers and an annualized GMV of $3 billion+ flowing through our platform, we are proud to power 5% of India’s eCommerce ecosystem. We remain committed to driving innovation, enabling our merchants to navigate the ever-evolving industry with ease, and offering the best-in-class end-to-end solutions to help them grow and succeed. Hence, our aim is to foster a self-reliant and prosperous digital economy that propels India towards becoming a global economic powerhouse.”
Strategic Acquisitions Drove Accelerated Growth
Shiprocket’s acquisition strategy has been instrumental in driving sustained growth, significantly enhancing the performance of its Core Business. The integration of Pickrr’s Domestic Shipping has further strengthened Shiprocket’s core operations, showcasing the success of this approach. The Pickrr founding team remains actively engaged, playing a pivotal role in guiding the company’s strategic direction and growth. Shiprocket’s Core business continues to deliver profitability, reflecting the company’s solid financial foundation and demonstrating significant operating leverage.
Strong Financial Foundation and Cost Optimization
Shiprocket has reported a 50% reduction in its overall cash EBITDA burn, highlighting its strong financial discipline and operational efficiencies. The reported INR (-)595 Cr PAT is primarily driven by three key factors:
● Non-cash one-time restructuring and integration-related accounting impact of INR 244 Cr related to acquired entities
● Commitment to employee-centricity demonstrated by substantial ESOP issuances worth INR 192 Cr during the year
● Investments in emerging businesses, overheads, and capability-building
Shiprocket maintains a strong cash position and an asset-light business model, with a robust current ratio underscoring its high liquidity and solid financial foundation to support it.
Future Roadmap
Moving forward, Shiprocket’s strategic focus will be on expanding key emerging areas, including Cross-Border Enablement for Brands, Shiprocket Quick, Shiprocket Checkout, and Shiprocket Capital, to continue driving innovation and growth across its platform.