Shiprocket posts Rs 1,632 Cr revenue in FY25, narrows losses to Rs 74 Cr

Logistics and supply chain platform Shiprocket reported strong FY25 results, with operating revenue rising 24% year-on-year. The company also turned EBITDA cash positive at Rs 7 crore, compared to a burn of Rs 128 crore in FY24, as per the company’s latest financial disclosure.

For context, Shiprocket reported Rs 1,316 crore in revenue for FY24, along with a net loss of Rs 595 crore, which included an exceptional expense of Rs 244 crore.

Shiprocket’s total revenue grew by to Rs 1,632 crore in FY25, as per the annual financial statements filed with the Registrar of Companies (RoC).

The Delhi-based company said in a statement that its core business, which includes its domestic shipping platform and value-added tech offerings, grew 20% year-on-year to Rs 1,306 crore, contributing 80% of its total revenue. The segment generated a cash EBITDA of Rs 157 crore, a 2.2X YoY improvement. “Our core business has been EBITDA positive for the past five years and remains a solid, mature segment,” Shiprocket's chief financial officer Tanmay Kumar, told Entrackr.

Meanwhile, the emerging business, which includes its cross-border platform, marketing, and omnichannel offerings, accounted for the remaining 20% of the operating revenue, up from 11% two years ago. It grew 41% year-on-year to Rs 326 crore in FY25, with the company focusing on improving margins, said Tanmay Kumar.

On the expense side, the cost of merchant solutions rose 20% to Rs 1,213 crore, while employee benefit expenses fell 27% to Rs 315 crore, mainly due to a decline in ESOP costs to Rs 91 crore from Rs 192.6 crore in FY24. The firm’s headcount remained stable at around 1,300, according to Kumar.

Other overheads, including marketing, server and communication, warehouse management, depreciation and amortization, and other costs, together amounted to Rs 221 crore. Overall, Shiprocket’s total expenses remained flat at Rs 1,749 crore in FY25.

A 24% year-on-year growth in operating revenue, coupled with disciplined cost management, helped Shiprocket significantly narrow its losses to Rs 74.4 crore in FY25 from Rs 595 crore in the previous year, which had included Rs 190 crore in ESOP expenses and Rs 240 crore in exceptional items.

On a unit basis, Shiprocket spent Rs 1.07 to earn a rupee in FY25, an improvement from Rs 1.30 in FY24. Its ROCE and EBITDA margin improved to -6.1% and -3.68% respectively.

As of March 2025, the company recorded current assets worth Rs 1,254.6 crore in FY25 including Rs 501.7 crore in cash and bank balances.

The company confidentially filed its draft IPO papers with the Securities and Exchange Board of India (SEBI) in May 2025 and is reportedly looking to raise Rs 2,000–2,400 crore through the offering, comprising a primary issue of Rs 1,000–1,200 crore and the rest through an offer for sale (OFS).

Shiprocket has raised over $320 million to date and is valued at $1.21 billion. According to the startup data intelligence platform TheKredible, Bertelsmann Nederland B.V. is the largest external stakeholder, followed by Tribe. Zomato, Temasek, LightRock, and PayPal are other notable investors in Shiprocket.