Wiz Freight witnesses quickest progress, records 1, 243 Cr revenue

By Team Startupcity  |  Friday, 05 April 2024, 18:44 IST

Wiz Freight witnesses quickest progress, records Rs.1, 243 Cr revenue
Wiz Freight, a Digital supply chain startup has been witnessed with quickest growth in the last two financial years as its revenue skyrocketed to 1,243 crore in the financial year 2023 from 18 crore in FY21. Though the Tiger Global-supported company required to amplify with its greater expenses to beat the revenue & registerd a loss of 90 crore in the financial year beside 8 crore profits in the financial year 2022.
According to the company’s combined financial statements documented with Registrar of Companies show , going on a Y-o-Y – year on year basis, the revenue of the supply chain startup Wiz Freight from the operations surpassed 3.8X to 1,243 crore in FY23 from 327 crore in FY22.
Established in 2020, Wiz Freight presents a digital platform for exporters & importers to schedule & manage their shipments in over-seas border. The revenue form Freight forwarding, Supply chain & warehousing was the only resource of revenue for the startup. Also, the company made 18 crore from the interest income adding its total income to 1,261 crore in FY23.
The direct cost of Wiz Freight including freight forwarding & warehousing charges made the overall expenditure by 82 percent. On adjusting the scale, the cost surpassed 3.8X to 1,103 crore in FY23 from 288 crore in FY22.
The company’s employee benefits, traveling, legal, professional, advertising, marketing & other operational expenses took the overall expenditure by 321 percent to 1, 347 crore in FY23 from 320 crore in FY22.

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