Ecom Express records 17% increase in revenue to Rs 578 Cr in FY18

E-commerce-focused logistics platform Ecom Express has revealed its financial report for the year ending on March 31, 2018. The Warburg Pincus-backed firm had reported a 17 per cent increase in its revenue to Rs 578 crore in 2017-18.

In the previous fiscal year, the company's revenue stood at Rs 493 crore.

According to data from business intelligence platform Tofler, Ecom Express has controlled its losses negligibly and posted almost similar figure of Rs 71.9 crore in FY18. In the preceding fiscal, it incurred a loss of Rs 72.3 crore.

Meanwhile, the company's gross expenditure also registered a 14 per cent hike to Rs 650 crore in the last fiscal. Employee benefit costs and depreciation were the major expense drivers in FY18

Besides, the cost of services such as freight and transportation was recorded at Rs 313 crore in FY18.

The Delhi-based startup counts amongst well-funded startups in this segment including Delhivery, Xpressbees and Flipkart-owned Ekart. So far, the Delhi-based company has scooped up over $180 million from the likes of Warburg Pincus and mid-market private equity firm Peepul Capital.

Floated in 2012 by T.A. Krishnan, Manju Dhawan, K. Satyanarayana, and Sanjeev Saxena, Ecom Express handles last-mile deliveries, fulfilment services, reverse logistics and cross-border services.

The firm claims to cover 2,400 cities and delivers to 25,000 pin codes with 2,500 branches across the country. Its clientele base includes companies such as Amazon, Flipkart, Snapdeal, Paytm, Shopclues, Infibeam, among several others.

Of late, Delhivery was reportedly in talks with SoftBank to raise over $250 million over $1 billion valuation. Surface logistics firm Rivigo also raised $50 million and marginally missed to become Unicorn. During the same period, Xpresssbees also received Rs 224 crore from Alibaba.

Going a step ahead, Rivigo also went through a secondary transaction where 30 employees had reportedly turned crorepatis after encashing their stock options.

Delhivery, Rivigo, and Xpressbees have not revealed their financial details for FY18.