Freight Tiger recorded a 23.95% increase in revenue in FY24, reaching Rs 20.88 crore compared to Rs 16.85 crore in FY23. However, the company’s losses widened significantly, with a net loss of Rs 92.42 crore in FY24, up from Rs 52.16 crore in FY23 a 77% increase.
Freight Tiger’s operating revenue increased by 6.5% to Rs 17.77 crore in FY24, while its other revenue surged 17x in FY24, reaching Rs 3.11 crore, up from Rs 18.01 lakh in FY23.
Founded in 2014 and headquartered in Mumbai, Freight Tiger is a digital logistics platform that provides end-to-end visibility, a cloud-based Transport Management System (TMS). Its platform connects shippers, carriers, logistics service providers, and fleet owners, offering seamless cargo movement solutions across the country.
Expenses grew 64.15% in FY24, rising to Rs 113.3 crore from Rs 69.01 crore in FY23. Employee benefit costs accounted for 33.87% of total expenses in FY24, down from 45.03% in FY23. Advertisement costs dropped significantly as a percentage of expenses, at just 0.12% in FY24 compared to 1.56% in FY23, while depreciation expenses declined to 7.72% in FY24 from 10.28% in FY23. Other expenses increased notably, accounting for 48.29% of the total expense in FY24, up from 35.45% in FY23.
Freight Tiger’s financial performance reflects high operational costs, with EBITDA margin deteriorating to -395.76% in FY24 from -267.16% in FY23. Despite this, Return on Capital Employed (ROCE) showed some improvement, standing at -68.52% in FY24 compared to -167.84% in FY23, indicating better capital efficiency in scaling operations.
The company has raised Rs 276.83 crore over five funding rounds, with the latest round completed in October 2023. Founded by Swapnil Shah, who holds an 18.76% stake, Freight Tiger’s shareholding includes an ESOP pool (4.30%) and prominent investors such as Valrado Venture Partners (4.25%), Florintree Infra (4.13%), and EPS Ventures (1.47%).
Freight Tiger remains committed to transforming logistics infrastructure in India, leveraging its innovative platform to deliver reliable freight solutions on time and in full.