Bengaluru-based last-mile logistics company Networks Private Limited said its revenue from operations nearly doubled to Rs 361.2 crore for FY22, up 90% from Rs 189.5 crore in FY21.
The company primarily earns its revenue by offering courier and transport services to its customers. It also collects GST on the services, excluded from revenue calculations.
For FY22, the Tiger Global-backed company reported a total loss of Rs 137.7 crore, up 3.5 times from Rs 39.8 crore in FY21. It also recorded a positive net worth of Rs 231.8 crore for FY22.
Loadhsare’s expenses doubled for FY22 on a group level to Rs 498.3 crore from Rs 229 crore in the year-ago period on the back of rising employee benefit expenses and finance costs.
Founded in 2017 by Raghuram Talluri, Pramod Nair, and Rakib Ahmed, the company started with part-truck load operations for enterprise customers focused on Tier II and III cities. However, it has expanded into quick delivery of food, grocery, and quick commerce orders. It also offers dark store and warehousing options to its customers.
So far, the logistics company has raised $61.2 million across debt and equity rounds. As of January 2022, it was valued at $162 million, according to data research platform Tracxn. The company last raised Rs 300 crore in a Series C round led by Tiger Global with participation from CDC Group and Matrix Partners in February 2022.
Loadshare also joined the ONDC Network in May 2022 to offer last-mile delivery services to orders generated through it.
