Latest News | Pickkup Targets Revenue of Rs 50 Cr in FY 2023-24

New Delhi, Mar 17 (PTI) Local logistics startup Pickkup aims to garner revenue of Rs 50 crore within the next two financial years with expansion to eight cities from just one at present, a top company official said on Wednesday.

The company claims to be growing business at the rate of 50 per cent month-on-month.

"Within the next two financial years, we expect to achieve Rs 50 crore (revenue) target. We want to expand to eight new cities in these two financial years. We will be expanding to four new cities this year and three new cities next year," Pickkup founder and CEO Hemanth Chandra told reporters.

The company at present operates in Hyderabad.

Pickkup, which started operations in November 2018, claims to have earned revenue of around Rs 10 lakh in the first year of operation, Rs 60 lakh in the second year and expects to close the current fiscal with revenue of Rs 1.6 crore.

"We are aiming at establishing our unique on-demand model in at least 5 cities by the end of this year and expect to touch a revenue of up to Rs 10-12 crore by the next financial year. We are looking to raise up to Rs 7 crore including contribution from promoters to fund this expansion," Chandra said.

It plans to start operations in Bengaluru from the next month, followed by Chennai and Vijayawada in June and Visakhapatnam by October this year.

"Every month we are growing at the rate of 50 per cent. From Rs 2 lakh revenue in last April last month we did revenue of close to Rs 20 lakh," Chandra said.

The company currently provides delivery service for companies like Flipkart, Instakart, Zomato and Udaan, Chandra said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)