Logistics and supply chain company iThink Logistics has reported profitability for the financial year 2023-24 with a net profit of Rs 40 lakh from the net loss of Rs 4.5 crore in FY23, the company said in a statement. The EBITDA, or earnings before interest, taxes, depreciation, and amortization for FY24 stood at Rs 50 lakh.
“The iThink Logistics performance at the operating level also stood out with recording earnings before interest, taxes, depreciation, and amortization or EBITDA at Rs 50 lakhs in 2023-24 against an operating loss of Rs 4.5 crore in the previous year,” the company said.
Revenue for FY24 stood at Rs 104 crore, growing from Rs 62 crore in FY23. The company said 94.7 per cent of the revenue was generated from the domestic market.
iThink Logistics offers end-to-end shipping SAAS platform for D2C Brands that serves India and other 180 countries. The company’s online portal can be linked with marketplaces or online stores through APIs for importing orders and has a built-in channel that connects with multiple renowned courier partners.
Moreover, businesses can also book parcel shipping services and print labels using the service. The company said its daily shipment volume of is more than 35,000 and is targeting 8X growth in its international cross-border revenue from Rs 4 crore to Rs 30 crore. The overall revenue is targeted at Rs 200 crore for FY25.
“Over the last year, we’ve continually pushed our boundaries to achieve remarkable growth, and we intend to carry this momentum forward,” said Zaiba Sarang, Co-founder, iThink Logistics in a statement.
“Partnering with logistics titans like FedEx and Indian digital commerce pioneers like ONDC enhances our capabilities and positions us uniquely in the global market,” he said.
According to LogiMAT India, the freight and logistics market in the country is expected to scale at 8.8 per cent annually to $484.43 billion by 2029 from $317.26 billion in 2024.