Technology

Shiprocket aims 2.5-fold growth in revenue to Rs 420 cr in 2020-21

Logistics technology startup Shiprocket is aiming to grow its revenue 2.5 times to Rs 420 crore in the ongoing fiscal on increasing adoption of online sales channels by sellers, a top company official said. With small businesses moving online to various sales channels, including online stores, social media, and marketplaces, amidst the Covid-19 pandemic, Shiprocket saw a 511% growth in first-time sellers on its platform between March-September 2020, its CEO and co-founder Saahil Goel said.

“The revenue of the company was Rs 165 crore for financial year (FY) 2020. It is estimated to reach Rs 420 crore in FY21,” Goel told .

The company’s services are available across 26,000 pin codes within India and 220 countries across the world.

In addition to offering shipping services, Shiprocket also provides a technology stack to help retailers integrate their shopping websites on e-commerce portals for workflow, inventory and order management.

Goel said Shiprocket also registered a 182% increase in the number of active sellers between March and September 2020.

From 11,521 monthly active sellers in September 2019, Shiprocket’s monthly active sellers rose to 41,212 in September 2020.

“A 182% increase in the number of active sellers in the last 7 months takes us closer to the goal of consolidating our leadership stance in shipping and logistics sector,” Goel said.

Shiprocket plans to start international expansion in 2021 with a near term focus on regional expansion.

“We are hiring dedicated teams for this expansion and growth and expect our international business to be a significant contributor to our growth in the coming years. In addition, we continue to expand our domestic product offering,” Goel said.

He said the company has increased its team size by more than 50% this year and has added more than 100 people post the lockdown.

“All these people have been interviewed virtually and are currently working remotely. We hired in advance of the festive season to manage the business spikes,” Goel said.

“Currently, we are aggressively hiring in our engineering and logistics teams in preparation for new products we will be launching in 2021. We expect to add another 50 people to these teams in the next few months,” he added.

Let’s block ads! (Why?)

Tech-Economic Times

Leave a Reply

Your email address will not be published. Required fields are marked *