Shipbolt Industries Achieves Remarkable 357% Revenue Growth in FY 2023-24

• ByStartupStory     |    January 9, 2024

Shipbolt Industries, a key player in the procurement industry has achieved an extraordinary 357% growth in revenue, soaring from 7 crores INR in FY 2022-23 to an impressive 25 crores INR in FY 2023-24. This remarkable accomplishment underscores the success of the company’s deliberate expansion into new product categories and geographical markets.

Financial Performance:

Shipbolt Industries’ revenue surge is attributed to a deliberate diversification strategy, with new product categories such as packaging, warehouse supplies, ARC’s & Civil works, Services & FMCG constituting a significant 41% of the total revenue. The financial success is not only a testament to the company’s vision but also a cause for celebration among the entire team.

Strategic Expansion:

The decision to expand services into additional cities, including Mumbai, Hyderabad, Pune, Ahmedabad, and Chennai, was rooted in market demand. Research validating a substantial 15-20% increase in enquiries for these services affirmed the strategic move. Currently, the top five cities, including Gurugram, Delhi, Noida, Faridabad, and Bengaluru, contribute 70% to Shipbolt’s business.

Workforce Growth:

In tandem with business expansion, Shipbolt Industries has increased its team size by an impressive 50% across various departments such as sales, HR, purchase, and customer support. This growth aligns with the company’s commitment to delivering excellence in every aspect of its services.

Technological Advancement:

Recognizing the importance of technological innovation, Shipbolt Industries is gearing up for the next phase of expansion by investing in cutting-edge technology. This strategic move aims to enhance efficiency, automate processes, and drive exponential growth.

Sustainability Commitment:

Shipbolt Industries is committed to sustainability, evident in conscientious material procurement practices. The company prioritizes reducing packaging waste and incorporates biodegradable materials whenever possible, aligning its practices with environmental responsibility.

Clientele and Partnerships:

The company’s success is further underscored by collaborations with esteemed clients like ShakeDeal, Nirog Street, Physics Wallah, Blinkit, Lava, Rentomozo, among others. Shipbolt emphasizes delivering materials with precise specifications, quality assurance, and budget adherence, maintaining a 24/7 customer support system.

Future Projections:

With a prudent approach to financial management, Shipbolt Industries projects a fourfold growth in FY 2024-25, aiming for a turnover of 100 crores INR. This ambitious goal reflects the company’s continuous evolution in the dynamic procurement industry.

Acknowledgments:

As Shipbolt Industries reflects on its journey, the company extends heartfelt thanks to its valuable clients, the dedicated Shipbolt team, and reliable suppliers. Together, they have turned aspirations into reality, marking just the beginning of Shipbolt’s success story.

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