Logistics startup Delhivery has reported an over three-fold rise in losses to R71.08 crore for the year ended March 2015, according to a filing with the registrar of companies.
The company is valued at $350-400 million after its fund-raising in May as per reports.
The e-commerce focussed third party courier reported a 269% jump in total revenues to R228.49 crore from R61.87 crore in FY14. Transportation services for parcels fetched the company R222.83 crore worth of operating revenues for FY15. Expenses surged on back of a spike in employee benefit expenses which rose to R48.55 crore from R13. 66 crore in FY14. Total expenses for the company were recorded at R299.56 crore against R81.36 crore in the previous year.
Volumes at Delhivery rose 3-4X in the twelve months to June, 2015. A report in June by Jefferies noted that the firm hoped to double its last mile delivery stations from 550 and warehousing space from 650,000 square feet across 11 locations in the next six months. Delivering 120,000 parcels daily, Delhivery covers 3,000 pin codes across 320 locations, the report added.
The Gurgaon-based logistics firm has tied up with leading e-commerce players and competes with Roadrunnr, Opinio, Shadowfax, and Ecom Express, among others.
E-commerce behemoths Flipkart, Amazon and Snapdeal largely depend on their own delivery support system such as eKart, Amazon Transportation Services and Gojavas, respectively which capture 45-50% of the market. Meanwhile, companies like Delhivery and Ecom Express dominate as third-party courier services in India.
In May 2015, Delhivery had raised $85 million in Series D funding lead by Tiger Global. Existing investors Multiples Alternate Asset Management, Nexus Venture Partners, and Times Internet Limited also participated in the funding taking the company’s total funding to $128 million.