Gurugram-based ecommerce logistics company Delhivery has recorded a strong growth in the year, though expenses also increased ahead of a $450 Mn round expected from SoftBank , which will vault it into the unicorn club.
According to the Ministry of Corporate Affairs filings accessed by Inc42, the company has reported a jump of 42% in its revenue for the fiscal year 2018. At the same time, the company’s net loss also increased by 8.45% reaching $98.7 Mn (INR 692 Cr) in the year ending March 31, 2018, as compared to $91 Mn (INR 637.8 Cr) in the year before.
The company’s operational revenue contributed almost 95% to its total revenue of $153.26 Mn (INR 1,073.64 Cr) in the year, as against $107.92 Mn (INR 756 Cr) for the previous year.
Delhivery also increased its total expenses by 26.7%, which reached $252 Mn (INR 1,765.59 Cr) for FY18 as against $198.8 Mn (INR 1,393.5 Cr) in the year before.
Here’s a breakdown of its expenses:
- The company increased employee benefits expenses by 40% reaching $40.59 Mn (INR 284.4 Cr) from $28.9 Mn (INR 202.9 Cr) in the FY17
- The other expenses also increased by 26.4% reaching $202.84 Mn (INR 1421 Cr) from $160.47 Mn (INR 1124.2 Cr) in the year before
Founded in 2011 by Mohit Tandon, Sahil Barua, Bhavesh Manglani, Kapil Bharati, and Suraj Saharan, Delhivery services about 600 cities and 8,500 pin codes in India. It has 12 fulfilment centres for B2C and B2B services and works with ecommerce companies such as Flipkart and Paytm.
The Indian logistics market, buoyed by the unprecedented rise of ecommerce in India, has been growing at a fast pace. Apart from Delhivery, there are startups such as BlackBuck, Rivigo, GoBOLT, LetsTransport etc, who are offering tech-based logistics services in the country.
Delhivery’s performance for the year sheds light on the company’s plans to step back from a $350 Mn IPO, which it had been working on for more than 18 months.