India's leading e-commerce company Flipkart's logistics arm, Ekart Logistics has recorded a 5 per cent fall in revenues while the losses have increased fivefold to the preceding fiscal in the FY 2023-24. Instakart Services, operating Ekart Logistics, in the regulatory documents available at business intelligence site Tofler, sees revenue from operations slip to Rs 12,115 crore for FY24 as against Rs 12,787 crore for FY23 and total income down by 4.3% to Rs 12,431 crore from Rs 13,001 crore.
Ekart Logistics saw a net loss of Rs 1,718 crore for FY24, from Rs 324 crore for FY23. Total expenses went up for the company to Rs 14,149 crore from Rs 13,325 crore, which includes depreciation, depletion, and amortization of Rs 1,183 crore, with employee benefit expenses at Rs 1,244 crore for FY24.
Launched in 2009, Ekart Logistics operates approximately 7,000 plus trucks, with over 70 fulfillment centers, more than 80 sortation centers, and 3,500 delivery hubs across India's 15,000 pin codes. Ekart collaborates with over 300 brands for B2B, warehousing, and dropshipping services, offering customized end-to-end solutions for sectors like D2C, retail, apparel, fashion, fintech, and telecom.
In July last year, Ekart Logistics launched B2B air and surface express solutions to help brands and MSMEs manage their logistical requirements.
Amazon India's logistics subsidiary, Amazon Transportation Services (ATS), meanwhile reported 7.6% year-on-year growth in its operating revenue at Rs 4,889 crore for FY24, up from Rs 4,543 crore in FY23. For the fiscal year ended March 31, total income stood at Rs 4,946 crore while its expenditure increased by 7% to Rs 5,004 crore from Rs 4,659 crore in FY23. The net loss of ATS narrowed by 6.9% to Rs 80 crore in FY24, as against Rs 86 crore in the fiscal that preceded it.
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