Logistics startup GoBOLT raised $20 million in its Series B round led by Paragon Partners during FY22. The investment indeed helped the company to accelerate and surpassed the Rs 275 crore revenue mark with profitability in books for the financial year ending March 2022.
GoBolt is an end-to-end logistics solutions provider that gives linehaul express solutions to the e-commerce and non-e-commerce industry. The sale of logistic services was the sole source of revenue which surged by 39.9% to Rs 275.2 crore in FY22 from Rs 196.7 crore in FY21, according to the annual financial statements filed with the Registrar of Companies.
The company also has an income of Rs 3.3 crore from the interest on fixed deposits during FY22.
On the cost side, delivery-related costs accounted for around 80% of the total expenditure. This grew 39% to Rs 222.6 crore during FY22 from Rs 160.1 crore in FY21. Its employee benefits shot up by 80.2% to Rs 31.9 crore in FY22.
The company added another Rs 3.2 crore against information technology which steered its overall expenditure by 45.3% to Rs 277.8 crore in FY22 from Rs 191.2 crore in FY21.
Even as the cost outpaced revenue, GoBOLT is still in the green (profits) with Rs 47 lakh, where the figures stood at a positive Rs 5.54 crore during FY21. Its ROCE and EBITDA margin were registered at 1.63% and 3.52%, respectively during FY22. On a unit level, the company spent Rs 1.01 to earn a single unit of operating revenue.