LoadShare, a last-mile logistics startup, experienced a slowdown in momentum during FY23, with minimal single-digit growth compared to the over 90% growth witnessed in FY22. However, indicating a focused effort, the company managed to reduce losses by nearly 20% in the fiscal year ending March 2023.
According to its consolidated annual financial statement filed with the Registrar of Companies, LoadShare saw a 6.5% increase in revenue from operations, reaching Rs 384.5 crore in FY23 compared to Rs 361.2 crore in FY22.
LoadShare provides various logistics solutions, including 10-minute quick commerce, 30-minute food deliveries, intraday e-commerce deliveries, and regional trucking to warehouses. Its revenue primarily stems from B2B deliveries, with a portion from B2C services, though the specific breakdown for FY23 remains undisclosed.
The company claims to handle over 350,000 last-mile deliveries daily and serves more than 200 clients across 10,000+ pin codes.
A significant portion, 71.4%, of LoadShare’s total expenditure comprised delivery charges and related costs, which increased by 12% to Rs 362.2 crore in FY23 from Rs 323.5 crore in FY22. Additionally, spending on employee benefits surged by 36.8% to Rs 95.85 crore during FY23, inclusive of expenses related to employee stock option schemes and employee stock purchase plans.
LoadShare’s total expenses rose marginally by 1.8% to Rs 507.5 crore in FY23, attributed to expenditures on information technology, legal & professional fees, and other operating and administrative costs.
Despite the increase in expenses, LoadShare managed to decrease its losses by 19.4% to Rs 111 crore during FY23 from Rs 137.7 crore in FY22.
Furthermore, the company experienced a 38.3% rise in operating cash outflows to Rs 98.9 crore during FY23, with net cash outflows amounting to Rs 5.45 crore.
Regarding financial ratios, LoadShare’s EBITDA margin improved to -25.79% in FY23, while its ROCE was recorded at -75.61%. On a unit level, LoadShare spent Rs 1.32 to earn a rupee of operating revenue during FY23.
LoadShare has raised over $60 million in funding to date from investors such as Tiger Global, Beenext, Matrix Partners, and Filter Capital. Its most recent funding round was a $40 million Series C led by Tiger Global in February 2022.
Looking ahead, LoadShare aims for double-digit growth in revenue and further reduction of losses to achieve EBITDA margins of -15% or below in FY24. With a conducive market environment, characterized by strong investment activity, logistics services providers like LoadShare anticipate continued growth and investor interest, positioning them for further expansion.
