Ekart Logistics, Flipkart’s logistics division, projected a 5% decline in sales and a five-fold increase in losses for 2023–2024 compared to the prior fiscal year. Revenue from operations for Instakart Services, the company that operates Ekart Logistics, decreased to Rs 12,115 crore in FY24 from Rs 12,787 crore in FY23, and total income decreased by 4.3% to Rs 12,431 crore from Rs 13,001 crore, according to regulatory documents obtained from the business intelligence platform Tofler.
In contrast, the net loss increased from Rs 324 crore in FY23 to Rs 1,718 crore in FY24. The company’s overall expenses, which included depreciation, depletion, and amortisation costs of Rs 1,183 crore and employee benefits costs of Rs 1,244 crore in FY24, also rose from Rs 13,325 crore to Rs 14,149 crore. In FY23, employee benefits costs were Rs 1,132 crore, while depreciation, depletion, and amortisation costs totalled Rs 1,204 crore.
With more than 7,000 vehicles, 70 fulfilment centres, 80 sorting facilities, and 3,500 delivery hubs, Ekart Logistics was founded in 2009 and can deliver e-commerce purchases over 15,000 pin codes nationwide. More than 300 firms have worked with Ekart for B2B, warehousing, and dropshipping services. Ekart offers tailored E2E solutions for D2C, retail, clothing and fashion, fin-tech, telecom, and other industries. In July of last year, the business introduced B2B air and surface express options to help brands and MSMEs manage their end-to-end logistical needs.
The logistics division of Amazon India, Amazon Transportation Services (ATS), recorded operating revenue of Rs 4,889 crore for FY24, up 7.6% from Rs 4,543 crore for FY23. According to Tofler papers, its overall revenue was Rs 4,946 crore, while its costs rose 7% to Rs 5,004 crore from Rs 4,659 crore in FY23. In FY24, the company’s net loss was Rs 80 crore, down 6.9% from Rs 86 crore in the previous fiscal year.
