The firm, which offers logistical services to ecommerce platforms, had posted an operating revenue of Rs 2,090 crore in FY22, according to documents filed with the Registrar of Companies (ROC).
The company’s loss during FY23 rose fourfold to Rs 375 crore, driven by a nearly 30% increase in total expenses to Rs 2,856 crore. In FY22, total loss stood at Rs 91 crore, while total expenses were Rs 2,185 crore.
Income from the firm’s courier services, at over Rs 2,300 crore, accounted for the largest chunk of its revenue, growing over 17% in FY23 from a year ago. The largest cost component was that of courier services, which grew more than 20% to over Rs 1,380 crore.
Ecom Express is among the largest third-party logistics providers in the country, which include listed major Delhivery and Xpressbees. Delhivery’s revenue stood at Rs 7,225 crore in FY23, while for Xpressbees it was Rs 2,531.5 crore.
In October last year, one of Ecom Express’s cofounders, T A Krishnan, passed away. All four cofounders including Krishnan had already stepped down from CXO roles at that time. In June last year, the firm appointed Ajay Chitkara as its new chief executive. Chitkara had previously been with telecom giant Bharti Airtel’s enterprise business as chief executive.