Axestrack, a digital logistics platform, reported a revenue growth of 38% in FY24, registering Rs 39.33 crore compared to Rs 28.52 crore in FY23. Over 98% of the revenue is derived from operations during FY24.
Founded in 2014 in Jaipur, Axestrack manages 110,000+ commercial vehicles and operates in 250+ cities through its 350+ partners. Its product offerings include an AI-powered supply chain control tower, GPS/telematics solutions, and ERP integrations, enabling clients to optimize fleet operations and achieve business excellence.
The company has not raised external funding and is co-founded by Rahul Yadav (63% stake) and Atul Kumar (13% stake).
Axestrack’s expenses increased by 30% to Rs 35.33 crore in FY24 from Rs 27.11 crore in FY23. Employee benefit costs, a significant expense category, saw a reduction as a proportion of total expenses, dropping from 63.86% in FY23 to 42.15% in FY24. Advertisement expenses fell sharply from 6.6% to 0.8%, while depreciation and finance costs rose marginally to 9.4% and 0.7%, respectively.
The company’s profitability also surged, with net profit increasing over 3.1x to Rs 3.29 crore, up from Rs 1.06 crore in FY23. Its EBITDA margin improved to 20.09% in FY24, up from 13.04% in FY23, while ROCE surged to 28.53%, compared to 12.14% in the previous fiscal year.