Pickrr’s scale goes past Rs 200 Cr in FY22, slips into losses


Shiprocket acquired a majority stake in logistic tech startup Pickrr in a $200 million deal during FY23. The agreement was driven by Pickrr’s scorching growth which saw it scale 6X to Rs 204 crore (FY22) from Rs 34.4 crore (FY20).

The operating revenue of Pickrr surged two-fold to Rs 204.2 crore in FY22 from Rs 97.4 crore in FY21, according to its financial statements filed with the Registrar of Companies.


Founded by IIT graduates Rhitiman Majumdar, Gaurav Mangla, and Ankit Kaushik, Pickrr is an end-to-end, plug-and-play logistics solution provider for e-commerce sellers and D2C brands to ship products from anywhere in India. The sale of courier services is the lone source of collection for Pickrr.

Being a logistics platform, delivery charges and related costs including vehicle running, delivery personnel, and others formed 65% of the total expenditure. In proportion to the scale, this cost surged 2.8X to Rs 173.5  crore in FY22.

Its employee benefit soared 6.2X to Rs 47.6 crore in FY22. This includes Rs 4.3 crore as ESOP expenses which were non-cash in nature. Meanwhile, the advertisement cost for the company ballooned 13.5X to Rs 9.5 crore during FY22.


Pickkr added another Rs 4.1 crore towards legal/professional fees which pushed the overall cost 3.1X to Rs 256.8 crore in FY22 from Rs 81.2 crore in FY22.

Even as the expenses outstripped the revenue growth, the Gurgaon-based company slipped into losses of Rs 52.5 crore in FY22, where the figures stood green (profits) of Rs 12.6 crore during FY21 


Coming to the ratios side, its ROCE and EBITDA worsened to -130.4% and -24.45% respectively during FY22. On a unit level, Pickrr spent Rs 1.26 to earn a rupee of operating revenue.

While the jump in legal and professional costs besides other costs is par for the course in the first year post being acquired, Pickerr might have to take a harder look at other costs that have shot up. Unless of course it is subsumed within Shiprocket at some stage in the near future.

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