Shiprocket posts ₹1,632 crore revenue in FY25e; net loss narrows to ₹74 crore

Shiprocket has turned a key corner on its journey toward sustainable profitability. The logistics tech platform's total revenue rose 24% year-on-year to ₹1,632 crore, up from ₹1,316 crore in FY24 — marking what CFO Tanmay Kumar described as a “year of structural change” towards sustainable, profitable growth.

“For us, FY25 was about proving that growth and profitability can go hand in hand,” said Kumar. “We’ve grown faster on a much larger base while keeping costs almost constant. The growth hasn’t come from cost-cutting but from margin expansion.”

The company’s Core Business — comprising its domestic shipping platform and value-added tech offerings — remained the backbone of its operations, growing over 20% YoY to ₹1,306 crore. This segment delivered ₹157 crore in Cash EBITDA, with margins expanding to around 12%, more than doubling from the previous year. “It’s a solid, mature business with operating leverage kicking in, the same team, same technology, and yet, much higher profitability,” Kumar said.

Shiprocket’s Emerging Businesses, which include its Cross Border platform, Marketing, and Omnichannel offerings, were the clear growth driver, surging 41% YoY. Their share in total revenue has now climbed to 20%, up from 11% two years ago. “We now have two engines, the core that drives profitability and the emerging stack that drives growth,” Kumar explained. “All profits from the core are being reinvested into these fast-growing businesses, which have a much larger total addressable market.”

On profitability metrics, Shiprocket reported a positive Cash EBITDA of ₹7 crore, a turnaround from a ₹128 crore burn in FY24. Net losses narrowed sharply to ₹74 crore, compared to ₹595 crore last year, even after accounting for ₹91 crore in ESOP expenses.

Saahil Goel, managing director & CEO, Shiprocket, added, “Our mission of simplifying commerce is rooted in enabling Bharat’s businesses to thrive in the digital economy. Shiprocket, is a platform that integrates logistics, marketing, payments, fulfilment, and post-purchase solutions, powers the full commerce journey. FY25’s performance gives us the conviction and capacity to continue solving for Bharat, creating lasting impact for businesses that are shaping the next decade of Indian commerce."

Operationally, the company kept total expenses flat YoY, reflecting disciplined cost management despite scaling its operations. Contribution margins expanded, supported by product cross-sell and improved efficiency across its network. Its emerging business portfolio also recorded a 25% improvement in Cash EBITDA.

Shiprocket’s merchant base continues to expand, with around 4 lakh merchants served and 1.8 lakh active on the platform. Kumar attributed this to India’s booming e-commerce landscape, expected to grow from $80 billion to $130 billion by 2030, and to the surge of sellers emerging from smaller towns. “About 66% of our deliveries now come from tier 2 and 3 cities,” he said. “Our deep integration with courier partners, including India Post, allows us to reach the last mile, no matter how remote.”

While global trade headwinds and tariffs caused temporary hiccups for the cross-border business, Kumar said momentum remains strong. “Despite the war in the Middle East and tariffs, we’ve grown well. Once these issues ease, the growth potential is immense,” he said.

For Shiprocket, the year marks a fundamental shift, from scaling a digital logistics platform to building a full-stack consumption infrastructure. “We’re not just moving parcels anymore,” Kumar summed up. “We’re powering the digital infrastructure of consumption in India and we’re doing it profitably now.”