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Logistics company Delhivery's revenue growth slows in FY18

Logistics company Delhivery's revenue growth slows in FY18
Photo Credit: 123RF.com

Gurugram-based logistics company Delhivery Pvt. Ltd has reported a 38% rise in net sales for the year ended March 2018, with the pace of expansion slowing from the previous year.

According to the company’s latest filings with the Ministry of Corporate Affairs, net sales grew to Rs 1,019.37 crore from Rs 738.32 crore the previous year.

The amount includes revenue of three wholly owned subsidiaries--Skynet Logistics Pvt. Ltd, Delhivery USA LLC and Delhivery Corp Ltd--and associate company Leucon Technology Pvt. Ltd.

The company is yet to disclose its complete financial statements for 2017-18.

The pace of growth in revenue was slower than what it recorded in 2016-17. The company had clocked 50% growth in net sales to Rs 738.32 crore from Rs 495.15 crore in 2015-16.

According to VCCEdge, the data research platform of VCCircle, Delhivery’s consolidated net loss narrowed to Rs 256 crore for 2016-17 from Rs 318 crore the year before. Gross expenditure rose to Rs 935.14 crore from Rs 796.91 crore.

Delhivery, earlier known as SSN Logistics Pvt. Ltd, was founded in 2011 by Sahil Barua, Mohit Tandon, Suraj Saharan, Kapil Bharti and Bhavesh Manglani. It started off as a company providing local on-demand services and subsequently became a full-fledged logistics services provider.

Delhivery is one of the most-funded logistics companies. It has raised about $250 million from private equity firms Carlyle and Multiples Alternate Asset Management, US-based investment firm Tiger Global, China's Fosun International, venture capital firm Nexus Venture Partners and Times Internet Ltd. The company competes with the likes of Rivigo and Ecom Express.

In October and November this year, media reports said the company was in talks to raise between $250 million and $450 million from potential investors including Japan's SoftBank.

This comes after VCCircle reported in September that Delhivery had put plans for an initial pblic offering on the backburner and was seeking fresh private funding.

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