Shiprocket-Owned Pickrr’s FY23 Loss Doubles To INR 105 Cr, Misses Revenue Target

Shiprocket-owned logistics startup Pickrr saw its loss more than double during the financial year ended March 31, 2023. The Delhi NCR-based startup incurred a net loss of INR 105 Cr on a standalone basis in the financial year 2022-23 (FY23), an increase of 105% from INR 52.2 Cr in the previous year. 

Founded by Ankit Kaushik, Rhitiman Majumder and Gaurav Mangla, Pickrr is a plug-and-play logistics solutions provider for ecommerce marketplaces and D2C brands. The startup offers sales return management, D2C marketplace fulfillment, and B2B distribution services, among others. 

Its operating revenue rose over 50% to INR 306 Cr in FY23 from INR 204.2 Cr in the previous fiscal year. Including other income, total revenue stood at INR 306.4 Cr, a jump of 49% from INR 205.7 Cr in FY22. However, this was way behind the target set by Mangla.

After Pickrr’s acquisition by Shiprocket, the cofounder told Inc42 that the startup was targeting a revenue of about $120 Mn (about INR 998 Cr) in FY23. 

Where Did Pickrr Spend?

The logistics startup’s total expenditure surged 60% to INR 411.5 Cr in FY23 from INR 257 Cr in the previous fiscal year. 

Courier & Logistics Expenses: Pickrr spent INR 259 Cr, or 62.8% of its total expenditure, on courier and logistics. This was 49% higher than INR 173.2 Cr it spent under the bucket in FY22. 

Employee Benefit Expenses: The startup spent INR 88 Cr on employee costs during the year under review, an increase of 85% from INR 47.6 Cr in the previous fiscal year.

Pickrr was acquired by Zomato-backed Shiprocket in June 2022 in a deal worth around $200 Mn. The acquisition came on the heels of Shiprocket raising $185 Mn from Zomato, Temasek, among others. Shiprocket later went on to acquire Glaucus Supply Chain, martech startup Wigzo, B2B logistics platform Rocketbox, and SaaS-based startup Logibricks.

While the three cofounders continued to work with Pickrr post the acquisition, Majumder exited the startup last year. As per his LinkedIn profile, he quit Pickrr in August 2023.

Earlier, Inc42 exclusively reported that Omuni, another company acquired by Shiprocket, saw the exits of its CEO and CTO. Omuni also laid off around 35% of the workforce. 

Shiprocket, which is aiming to go public in 12 to 24 months, has been undertaking restructuring exercises in its subsidiary companies in a bid to achieve profitability at group level. 

In FY23, Shiprocket’s net loss increased over 3X to INR 341 Cr from INR 93.1 Cr in the previous fiscal year. Operating revenue rose 1.7X to INR 1,089 Cr from INR 611 Cr in FY22.

Note: We at Inc42 take our ethics very seriously. More information about it can be found here.