Loadshare Networks Reports 90% Revenue Growth in FY22, Records Losses and Positive Net Worth
- ByStartupStory | May 23, 2023
Loadshare Networks Private Limited, a Bengaluru-based last-mile logistics company, reports a significant increase in revenue from operations for FY22. The company’s revenue nearly doubled to Rs 361.2 crore, marking a growth of 90% compared to Rs 189.5 crore in FY21. Loadshare primarily generates revenue through its courier and transport services, while the collection of GST on these services is not included in the revenue calculations.
Loadshare Networks Private Limited, backed by Tiger Global, witnessed a substantial increase in its total loss for FY22. The company reported a loss of Rs 137.7 crore, which is 3.5 times higher than the loss of Rs 39.8 crore in FY21. However, Loadshare also achieved a positive net worth of Rs 231.8 crore during FY22. The company’s expenses on a group level doubled to Rs 498.3 crore in FY22 compared to Rs 229 crore in the previous year. This increase can be attributed to the rise in employee benefit expenses and finance costs.
Established in 2017 by Raghuram Talluri, Pramod Nair, and Rakib Ahmed, this company initially concentrated on part-truck load operations, serving enterprise clients primarily in Tier II and III cities. Over time, it has diversified its services to include fast delivery of food, groceries, and quick commerce orders. Additionally, the company provides dark store and warehousing solutions to cater to the evolving needs of its customers.
To date, the logistics company has secured a total funding of $61.2 million through a combination of debt and equity rounds. As per Tracxn, a data research platform, the company’s valuation stood at $162 million as of January 2022. In February 2022, Loadshare successfully raised Rs 300 crore in a Series C funding round led by Tiger Global, with contributions from CDC Group and Matrix Partners. Additionally, Loadshare became a part of the ONDC Network in May 2022, enabling it to provide last-mile delivery services for orders generated through the network.
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