NimbusPost appears to be the second largest firm in the SaaS-focused logistics aggregation space after Shiprocket in terms of scale. The five-year-old firm claims to have achieved a two-fold growth in its revenue in the fiscal year ending March 2023 as compared to the previous fiscal year.
“We closed FY23 with Rs 116 crore in operating income,” said NimbusPost’s founder and CEO Yash Jain in an interaction with Entrackr.
As per data intelligence platform TheKredible, NimbusPost’s scale grew over 2.3X to Rs 54.5 crore in FY22 as compared to Rs 24 crore in FY21.
NimbusPost offers software-based domestic and global logistics and shipping solutions direct to consumer brands, small and medium enterprises and large corporations. On the other hand, it enables businesses for logistics, shipping and courier companies. It claims to have more than 100,000 users (businesses) and partnerships with 27 logistics and courier firms.
The company makes money via SaaS fees and cost arbitrage. “We price our commercials according to volume as we get a better discount from the back end and we operate on 20 to 25% of gross margin,” said Jain.
Apart from India, NimbusPost has a presence in Indonesia and the UK.
D2C brands have been enabling companies like NimbusPost to thrive and Jain emphasized that NimbusPost’s tech infra helps these brands to optimise the delivery performance. “Our emphasis is to take Indian brands global and help them to sell on Amazon and other platforms in the US and the UK markets,” added Jain.
Over the past year, the D2C ecosystem has been witnessing slow-down but NimbusPost claims that their business is unaffected. “D2C brands have seen a drop in volumes lately but for us, the number of brands using our solutions have been growing,” said Jain.
NimbusPost raised $3 million in strategic capital from Pune-based logistics unicorn XpressBess. Jain didn’t disclose more details about the funding but he outlined that the firm is on track to raise $20 million this fiscal year.
When asked about revenue projections for FY24, Jain did not throw any ballpark numbers. “We have an average monthly revenue run rate of Rs 300 crore and expect to reach Rs 500 crore by this financial year,” said Jain.
NimbusPosts competes with the Shiprocket group which also counts Pickkr. While Shiprocket is yet to disclose FY23’s numbers, the company posted Rs 611 crore in revenue and Rs 93 crore loss during FY22. iThink, Shipway, ShipEase, and Shipyard are other notable competitions for NimbusPosts.