Shiprocket Posts 1st Full-Year Positive Cash EBITDA; Revenue Rises 24%

E-commerce logistics aggregator Shiprocket reported positive cash EBITDA, along with the strong revenue growth for the fiscal year ending March 31, 2025. The company’s operating revenue grew 24% year-on-year (YoY) to ₹1,632 crore as compared to ₹1,316 crore in FY24.

The platform’s core business segments, which comprises domestic shipping services and technology-led value-added offerings, expanded 20% YoY and reached ₹1,306 crore in FY25. Speaking about the financial results, Shiprocket CFO Tanmay Kumar told Outlook Business that the company’s core business delivered a 12% cash EBIDTA, amounting to about ₹157 crore.  

On the other hand, emerging businesses grew 41% YoY, driven by the rapid adoption of cross border platform, marketing and omnichannel offerings. These verticals now contribute 20% to the company’s total revenue, up from 11% two years ago. “This segment has expanded rapidly, with strong adoption within our existing merchant base,” said Kumar.

In FY25, the company reported a positive adjusted EBITDA of ₹7 crore, marking a sharp turnaround from the cash burn of  ₹128 crore in FY24. Its net loss narrowed significantly to  ₹74 crore as compared to  ₹595 crore in the previous year, with the remaining losses primarily driven by ESOP-related expenses amounting to  ₹91 crore.

“Our unit economics are inherently healthy. Interestingly, around 97% of our merchants come to us digitally, without heavy marketing spend. Around 54% of our merchants come organically. We get about 1.7 million unique visitors per month on our site,” Kumar added.

Shiprocket’s total expenses remained largely unchanged from FY24, which reflects strong cost discipline amid the company’s expansion phase. The contribution margin saw a meaningful year-on-year improvement, driven by product cross-selling and operational efficiencies.

Additionally, the emerging business segment delivered a 25% boost in cash EBITDA, which underscores improved profitability and execution across new growth verticals. The company said its FY25 results have laid the groundwork for greater investment in product innovation and expansion of its technology capabilities. Kumar stated that nearly 45% of Shiprocket’s total employees are in tech department.

“AI also powers our Intelligence Layer. For example, predicting return-to-origin (RTO) risks, understanding buyer behaviour, and helping merchants make better shipping decisions. These tools reduce inefficiencies and improve merchant profitability,” he said.

“FY 2025 marks a pivotal milestone in our financial journey as we achieved a full year of positive EBITDA alongside sustained revenue growth. This reflects the strength of our core platform, which has growing profitability, strong operating leverage, expanding profitability across segments, and disciplined reinvestment in emerging businesses,” Kumar added.

The company aims to scale its emerging stack, spanning Cross-Border, Marketing, and Omnichannel offerings, while continuing to drive higher operating leverage and expansion of contribution margins across its core business.