Revenue for Shadowfax about Rs 1,000 Cr in FY22
- ByStartupStory | November 7, 2022
In the past two fiscal years, the logistics company Shadowfax has expanded quickly; from Rs 323 crore in FY20, the company’s scale was close to Rs 1,000 crore in FY22. The Flipkart-backed startup has increased its scale with improved unit economics following a fiscal year (FY21) that was plagued by pandemics.
According to the company’s annual financial statement filed with the Registrar of Companies (RoC), Shadowfax’s revenue from operations increased more than two times to Rs 990 crore during FY22 from Rs 464 crore in FY21. Shadowfax’s entire revenue came from delivery and logistical services.Additionally, the business made Rs 6.7 crore in interest income and gains on current investments, bringing its total revenue to about Rs 997 crore.
Shadowfax, a full-service logistics solution provider for e-commerce, hyperlocal commerce, and fast trade, was founded in 2015. With its 3.5 million verified riders on the site, it claims to complete 1.1 million orders per day.
Payments provided to delivery persons show that India’s logistics is fueled by people on the ground. The entire spending, which increased by over 2X to Rs 577 crore in FY22 from Rs 280.7 crore in FY21, consisted of 49% of this cost.
The following cost components for FY22 were operating delivery vehicles and employee benefit costs. These expenditures increased by almost 57% and 74% to Rs 235 crore and Rs 174 crore, respectively, while it also spent Rs 44.7 crore on rent and utility bills, including those for power, security, and safety.
Additionally, the business revealed that during FY22, missed shipments cost them Rs 38 crore. Shadowfax’s annual spending increased overall by over 89% to Rs 1,173 crore in FY22 from Rs 620 crore in FY21.Despite a significant increase in costs, the company’s losses increased only 32.3% to Rs 176 crore in FY22 from Rs 133 crore in FY21.
In terms of ratios, the EBITDA margin increased to -14.95% in FY22, which may be attributable to topline growth that was more than twice as fast. A rupee of operating revenue for Shadowfax has cost Rs 1.18 per unit.
In the past several years, Shadowfax has demonstrated exceptional size, and its statistics point to strong growth in the e-commerce and hyperlocal (also known as fast commerce) areas. It will rank after Delhivery, Ekart, Amazon Transport Services (ATS), Ecom Express, and XpressBees as the sixth largest logistics provider in terms of scale. The decline, as highlighted by Delhivery management following its most recent quarter of results, is the only cloud over the sector.
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