GoBOLT Achieves Rs 275 Crore Revenue and Sustains Profitability in FY22
- ByStartupStory | May 25, 2023
During FY22, logistics startup GoBOLT successfully raised $20 million in its Series B funding round, with Paragon Partners leading the investment. This infusion of funds played a pivotal role in propelling the company’s growth, enabling it to surpass the revenue milestone of Rs 275 crore and achieve profitability for the financial year ending in March 2022.
GoBolt, a comprehensive logistics solutions provider, specializes in offering linehaul express solutions to both the e-commerce and non-e-commerce sectors. According to the annual financial statements submitted to the Registrar of Companies, the company experienced significant revenue growth solely from the sale of its logistic services. In FY22, the revenue surged by 39.9% to reach Rs 275.2 crore, compared to Rs 196.7 crore in FY21. Additionally, GoBolt generated an income of Rs 3.3 crore from interest on fixed deposits during the same financial year.
Delivery-related costs constituted approximately 80% of the overall expenditure for GoBolt. In FY22, these costs witnessed a significant increase, growing by 39% to reach Rs 222.6 crore, compared to Rs 160.1 crore in FY21. Additionally, the company’s employee benefits rose by 80.2% to Rs 31.9 crore during FY22. Furthermore, GoBolt allocated an additional Rs 3.2 crore towards information technology, leading to an overall expenditure of Rs 277.8 crore in FY22, reflecting a 45.3% surge from Rs 191.2 crore in FY21.
Despite the cost growth outpacing revenue, GoBOLT managed to maintain profitability, reporting a profit of Rs 47 lakh in FY22, compared to a positive figure of Rs 5.54 crore in FY21. The company achieved a return on capital employed (ROCE) of 1.63% and an EBITDA margin of 3.52% during FY22. At the unit level, GoBOLT incurred an expenditure of Rs 1.01 to generate a single unit of operating revenue.
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