Shiprocket Narrows Losses as New Verticals Grow
Logistics startup Shiprocket cut its quarterly net loss by 24% year-on-year to ₹13.7 Cr in Q1 FY27, while revenue grew 34% to ₹592.1 Cr.
Shiprocket's net loss declined 24% year-on-year to ₹13.7 Cr in the first quarter of FY27. The logistics platform's operating revenue jumped 34% to ₹592.1 Cr in the same period, according to its first quarterly results since listing.
Shiprocket's adjusted EBITDA improved dramatically, reaching ₹8.9 Cr compared to ₹1 Cr in Q1 FY26. However, total expenses also surged 31% year-on-year to ₹619.5 Cr, continuing to pressure the company's path to profitability.
Core Business Performance
The company's domestic shipping vertical remained its financial anchor in Q1. This core business was cash-generative and delivered healthy growth in revenue, operating profits, and margins. According to the source report from Inc42, operating leverage across its fulfilment network and greater monetisation of its active merchant base strengthened the underlying economics. This performance provided the financial foundation for investments beyond basic parcel delivery.
Emerging Verticals and Investments
Shiprocket continues to invest in its emerging vertical, which includes checkout, marketing, cross-border, and omnichannel solutions. This segment grew 3.2 times faster than the core shipping business and contributed 30% of Shiprocket's total Q1 revenue. Its margins also improved. The expansion came at a cost, however. Losses from the emerging business continued to widen as the company prioritised customer adoption and market-building.
The company is also adding new tools to deepen merchant relationships. These include an AI-led advertising stack and appointment-based cargo deliveries. These offerings are designed to integrate more closely with a merchant's daily workflow, potentially creating a stickier customer base.
Other Startup Developments
The source report also covered several other funding and corporate events in the Indian startup ecosystem.
Spacetech startup Pixxel raised $100 million in a Series C round co-led by Temasek and Seraphim. The round valued the Google-backed company between $400 million and $450 million. Founded in 2019, Pixxel operates six hyperspectral observation satellites and has raised $195 million to date.
In a significant deal, foodtech giant Swiggy has signed an agreement to sell its retail distribution platform Lynk to B2B ecommerce unicorn Udaan. The share-swap deal is valued at ₹500 Cr. In return, Swiggy will acquire an approximate 2.8% stake in Udaan. Swiggy will also invest ₹75 Cr in primary capital in Udaan's Singapore-based parent for an additional 0.4% stake, bringing its total shareholding to about 3.2%. Swiggy had acquired Lynk, a tech-led FMCG distribution platform, in 2023.
Wearable startup Temple, founded by Deepinder Goyal, has released its first validation study for its cerebral blood-flow tracking device. A pre-print paper claims the device picked up the same changes as a transcranial doppler ultrasound. Founder Goyal acknowledged the study's limited scope, involving only 23 healthy adults under controlled conditions, and noted further validation is underway. The startup raised ₹493 Cr earlier this year and plans to begin shipping devices before the end of 2026.
Drone tech startup AITMC Ventures (AVPL International) reported a nearly flat net profit of ₹14.2 Cr in FY26, despite a 26% year-on-year jump in operating revenue to ₹106.8 Cr. The company's expenses rose 34.7% to ₹88.3 Cr during the fiscal year.
