ShipGlobal recorded a 5.5x increase in revenue in FY24, reaching Rs 41.41 crore compared to Rs 7.52 crore in FY23. However, the company’s losses widened significantly, with a net loss of Rs 1.38 crore in FY24, up from Rs 26.97 lakh in FY23, marking a 5.1x increase.
Founded in 2022 and headquartered in Delhi, ShipGlobal is a logistics and e-commerce shipping company that streamlines cross-border shipments through its all-encompassing shipping dashboard, facilitating seamless global trade.
Expenses grew 5.5x in FY24, rising to Rs 42.79 crore from Rs 7.79 crore in FY23. Employee benefit costs accounted for 10.14% of total expenses in FY24, up from 4.36% in FY23. Advertisement costs dropped slightly, accounting for 0.53% of expenses in FY24 compared to 0.84% in FY23. Other expenses accounted for 86.18% of the total expense in FY24, down from 94.48% in FY23, reflecting improved operational efficiency.
ShipGlobal’s financial performance highlights an ongoing investment phase, with EBITDA margin improving slightly to -3.06% in FY24 from -3.47% in FY23. However, Return on Capital Employed (ROCE) took a significant hit, dropping to -7.39% in FY24 from 112.62% in FY23, indicating increased capital deployment for scaling operations.
The company has raised Rs 20 crore in funding over one round, with the latest round completed in November 2023. ShipGlobal’s shareholding includes Info Edge Ventures (20.00%), co-founder Aayush Anand (22.98%), and an ESOP pool (11.05%).
ShipGlobal remains committed to revolutionizing international shipping for businesses, leveraging its cutting-edge platform to simplify cross-border trade while enhancing efficiency and compliance in global logistics.