🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

Related News

Direct commerce grew to 15% of ecommerce market from 2-3% in 5 years, says Shiprocket CEO

Economic TimesEconomic Times · 1y ago
Direct commerce grew to 15% of ecommerce market from 2-3% in 5 years, says Shiprocket CEO
Medial

Direct commerce in India, which involves selling products online directly through brand websites and apps, has grown to account for 15% of the country's ecommerce market, according to Shiprocket CEO Saahil Goel. This is a significant increase from the 2-3% share it held five years ago. Shiprocket's report on online selling by micro, small, and medium enterprises (MSMEs) also revealed that a majority of orders (around 71%) originate from non-metro areas. The report further highlighted that the personal care category accounted for 27% of total orders in Q1 2024, followed by apparel and footwear at 20%. The share of discounted orders has also increased to 68%, indicating the reliance on promotional activities.

Exclusive: Shiprocket to raise Rs 220 Cr in pre-IPO placement

EntrackrEntrackr · 5m ago
Exclusive: Shiprocket to raise Rs 220 Cr in pre-IPO placement
Medial

Shiprocket is set to raise Rs 220 crore in a pre-IPO placement as part of its upcoming public issue. The logistics and supply chain platform plans to mop up Rs 1,100 crore through a fresh issue, according to regulatory filings accessed by Entrackr. The Temasek-backed company is reportedly targeting an overall issue size of Rs 2,000–2,400 crore, which will also include an offer for sale (OFS). Its board has cleared a special resolution to issue equity shares worth up to Rs 1,100 crore, including the pre-IPO component. The move comes soon after Shiprocket’s confidential DRHP filing with SEBI and the stock exchanges. Media reports suggest the company has roped in Axis Capital, Kotak Mahindra, JM Financial, and BofA Securities as lead bankers for the issue. Founded by Saahil Goel, Gautam Kapoor, and Vishesh Khurana, Shiprocket is a logistics and supply chain platform that enables businesses to streamline shipping through courier integration, real-time tracking, and automated solutions. 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. During the fiscal year ending March 2024, the company recorded a 21% year-on-year increase in revenue, reaching Rs 1,316 crore, while its losses stood at Rs 595 crore for the same period. It competes with Unicommerce, which recently acquired Shipway, along with other players such as Shipyar, among others.

Shiprocket’s revenue grows to Rs 1,316 Cr in FY24, cuts losses

EntrackrEntrackr · 1y ago
Shiprocket’s revenue grows to Rs 1,316 Cr in FY24, cuts losses
Medial

Logistics and supply chain enabler Shiprocket has managed decent growth in the fiscal year ending March 2024. Its co-founder and chief executive officer Sahil Goel claimed that the company’s operating revenue grew 21% year-on-year and reached Rs 1,316 crore in the last fiscal year. For context, Shiprocket recorded Rs 1,088.7 crore in revenue from operations in FY23 while its losses were at Rs 333.81 crore (including Rs 63.16 crore worth of exceptional items booked for amortization of intangible assets and investment provisions) during the period. While the company is still far away from profitability, Goel claimed that Shiprocket reduced its cash EBITDA burn by 48%, bringing it down from Rs 191 crore in FY23 to Rs 100 crore in FY24. According to him, the reduction in losses was a key factor in the company achieving cash profitability in the first two-quarters of FY25. The improved EBITDA margin reflects Shiprocket’s efforts to optimize operational efficiency, reduce costs, and increase its profit margins according to Goel’s LinkedIn post. “Our Emerging Businesses are growing at a rate of ~75% Y-o-Y including Shiprocket Cross Border, Checkout, Capital, and other innovations that are leading the way as we rapidly scale new products and offerings for Indian SMBs,” said Goel. The integration of Pickrr’s Domestic Shipping also played a crucial role in strengthening Shiprocket's core platform. Founded by Goel, Gautam Kapoor, and Vishesh Khurana, Shiprocket provides logistics and supply chain solutions to retailers which lets them integrate their shopping websites across e-comm enablers such as Shopify, Magenta, and others. The company claims to empower over 1.5 lakh active businesses and enable 5% of India’s e-commerce through its platform. In December 2021, Shiprocket raised $185 million in a Series E round co-led by Zomato, Temasek, and Lightrock India. The firm turned unicorn in August 2022 following a $33 million tranche. In October last year, it also scooped up $11 million from McKinsey at a flat valuation.

Download the medial app to read full posts, comements and news.