Gurugram headquartered logistics firm Delhivery has cut its losses by 84% for the financial year ended March 31, 2020. The company reported a net loss of Rs 284.13 crore for FY20, a nearly 7% drop from the Rs 1,781.04 crore reported last year.
The firm, which looks to publicly list in 2022-23, recorded a revenue of Rs 2,986.4 crore for the reported period, a 74% year-on-year increase from Rs 1,694.9. The ecommerce logistics startup also cut its expenses by 6% to Rs 3,250.4 crore from Rs 3,463.31 crore last year.
The company drew a majority of its earrings from operations, while its other income of Rs 208.98 crore made up 7% of its total earnings. Last year, its income from other sources contributed to just 3% of the total.
Earlier this week, Delhivery announced that it will set up two technology offices -- one in Bengaluru and the other in Ahmedabad. Additionally, it looks to increase its employee base by 150, hiring talent in the technology, product and data science functions, to have 500 staffers by the next fiscal.
Nine-year-old Delhivery, founded by Sahil Barua, attained the unicorn status in March 2019 after a SoftBank-led $413 million growth funding round. In December 2020, alternative investment firm Steadview Capital picked up shares worth $25 million in the company. It has so far raised a total capital of $812.29 million, as per VCCEdge data.
The company currently services over 17,500 pin codes across 2,300 cities.