Delhivery marks 44% surge in FY17 revenues
December 1, 2017: Logistics company Delhivery has reported approximately 44 percent rise in total revenues to Rs 751 crore during FY17 in comparison to the previous year’s Rs 523 crore, thus showing a dip in losses marginally, according to the regulatory filings with the Ministry of Corporate Affairs.
As per the company’s statement of profit and loss, the Tiger Global-backed company’s losses dropped from Rs 317 crore during FY16 to Rs 249 crore in FY17. This comes even as total expenses shot up to Rs 1,000 crore in FY17 from Rs 840 crore the previous year. The company mentions operational costs and expansion plans as reasons for the losses incurred.
Employee benefit expenses at Rs 198 crore formed approximately one fifth of the total expenses of the company. It climbed up from Rs 164 crore in the previous year.
Founded in 2011 by Sahil Barua and Mohit Tandon along with three others, the e-commerce logistics services company, counts major players like Flipkart and Snapdeal as its clients and is directly linked with the growth of e-commerce in the country.