Logistic startup Cogos crosses Rs 40 Cr topline in FY22
Following the rise in demand, the tech-logistics startup Cogos Technologies raised $1.2 million debt funding from Vivriti Capital in the last quarter of FY23.
While the impact of these funds and rise in demand would be ascertained in coming years, for now, let’s dig into its FY22 numbers.
Cogos’ revenue from operations grew 47% to Rs 40.63 crore during the fiscal year ending March 2022 from Rs 27.66 crore in FY21, as per the company’s annual financial statements with the Registrar of Companies.
Founded in 2016, Cogos aims to digitally transform intra-city transportation via its platform and provides end-to-end solutions to improve efficiencies at both shippers and truckers.
Cogos primarily generates revenue from goods transportation services (99%) while the remaining part of operating revenue comes from toll charges it collects as reimbursement.
Besides this, the company also made around Rs 7 lakh from interest and gain on financial assets during FY22.
Despite rising expenses, losses of the company went up only 17.3% to Rs 3.94 crore in FY22.
The controlled losses is also the result of Cogos’ topline which comfortably outpaced its overall expenses during the fiscal year.
The breakup of expenses shows, Cogos spent 79% of its total expenses on vehicle hire and toll charges.
This cost surged 43% to Rs 36.12 crore during FY22 from Rs 25.25 crore in FY21.
Employee benefit expenses of the company rose 46% to Rs 6.91 crore during the period from Rs 4.73 crore in FY21.
Further, professional fees, traveling, business promotional and other operating and admin expenses upped total expenses 42.4% to Rs 45.73 crore in FY22.
On a unit level, Cogos spent Rs 1.13 to earn a rupee of operating revenue during FY22.
Cogos has raised around Rs 36 crore to date from the likes of WorldQuant Ventures, Transworld, Indian Angel Network, Vivitri Capital, LetsVenture et al.
Post the most recent equity round, the company was valued at around Rs 115 crore.
Cogos revenues, operating performance and trajectory as of now certainly does not indicate a firm that is building anything disruptive, though a steady business is more likely.
For venture capital investors, that may not be good enough.
That would indicate that the firm has either been a beneficiary of high(and unreasonable ) expectations from the sector, or it has a major move to make yet.
Byentrackr
