ShopKirana's gross revenue nears Rs 700 Cr in FY23, losses surge 34%

B2B e-commerce platform ShopKirana raised $38 million just before the start of FY23 and the proceeds helped the firm to continue its growth journey. The Indore-based company has reported a 51% spike in its gross merchandise value (aka GMV) during the last fiscal year.

ShopKirana’s gross revenue grew to Rs 682 crore in the fiscal year ending March 2023 from Rs 452 crore in FY22, the company’s annual financial statements sourced from the Registrar of Companies show. The sale of products was the main source of revenue for ShopKirana in FY23. 

Financials FY23

Check detailed 3 year financial comparison on thekredible.com

Eight-year-old ShopKirana connects retailers and brands directly through a mobile app and helps them place orders, maintain inventory, optimize delivery routes, and make payments. The platform also enables financial services such as banking and loan facilities.

The cost of procurement of products formed 90% of the company’s total expenditure which spiked by 47.7% to Rs 687 crore in FY23 from Rs 465 crore in FY22. Its employee benefit, rent, freight, legal-professional, information technology and other overheads pushed its overall expenditure by 49.32% to Rs 766 crore in FY23 from Rs 513 crore in FY22.

See TheKredible for the detailed expense breakup.

Expenses Breakdown

FY22

Total ₹ 513 Cr

FY23

Total ₹ 766 Cr

• Cost of procurement

• Employee benefit expense

• Rent

• Cost freight

• Others

To check complete Expense Breakdown visit thekredible.comView full data

With a 50% spike in the total cost, losses for the company grew 33.9% to Rs 79 crore in FY23 from Rs 59 crore in FY22. Its ROCE and EBITDA margin stood at -65% and -11% respectively. On a unit level, it spent Rs 1.12 to earn a rupee in FY23.

FY22-FY23

	FY22	FY23
EBITDA Margin	-12%	-11%
Expense/₹ of Op Revenue	₹1.13	₹1.12
ROCE	-28%	-65%

ShopKirana has raised over $55 million across rounds and was valued at around $160 million during its last fundraise.

According to the startup intelligence data platform TheKredible, InfoEdge is the largest external stakeholder with 26.39% followed by Oman India and Sixth Sense. Its co-founders Tanutejas Saraswat, Sumit Ghorawat, and Deepak Dhanotiya cumulatively command 36.65% of the company.