Shiprocket’s revenue to grow 2.5x to ₹420 cr in FY21: CEO Saahil Goel

October 26, 2020: Shiprocket, the logistics technology startup, is aiming to grow its revenue 2.5 times to ₹420 crore in the ongoing fiscal on increasing adoption of online sales channels by sellers.

With small businesses moving online to various sales channels, including online stores, social media, and marketplaces, amidst the Covid-19 pandemic, Shiprocket saw a 511 percent growth in first-time sellers on its platform between March-September 2020, reported Devdiscourse.

Saahil Goel, CEO and co-founder, Shiprocket, said "The revenue of the company was ₹165 crore for the financial year (FY) 2020. It is estimated to reach ₹420 crore in FY21. The company services are available across 26,000 pin codes within India and 220 countries across the world.

Goel said Shiprocket also registered a 182 percent increase in the number of active sellers between March and September 2020.

From 11,521 monthly active sellers in September 2019, Shiprocket's monthly active sellers rose to 41,212 in September 2020.

"A 182 per cent increase in the number of active sellers in the last 7 months takes us closer to the goal of consolidating our leadership stance in the shipping and logistics sector," Goel said.

Shiprocket plans to start international expansion in 2021 with a near term focus on regional expansion.

"We are hiring dedicated teams for this expansion and growth and expect our international business to be a significant contributor to our growth in the coming years. In addition, we continue to expand our domestic product offering," Goel said.

He said the company has increased its team size by more than 50 percent this year and has added more than 100 people post the lockdown.

"Currently, we are aggressively hiring in our engineering and logistics teams in preparation for new products we will be launching in 2021. We expect to add another 50 people to these teams in the next few months," he added.