Sitics to Hit Rs. 200 crore Revenue during this Fiscal

KOCHI:
Sitics Logistic Solutions, a Palakkad headquartered tech-enabled integrated supply chain company, has bucked the pandemic-induced downward economic growth trend and is eying revenue to the tune of Rs. 200 crore by the end of this fiscal, a 40%+ growth Y-o-Y.

The company had posted impressive revenue of Rs. 140 crore last year in the middle of the pandemic. In fact, it posted a year-on-year growth of over 25% despite the COVID-19-induced lockdown, which was more than double the rate of the industry.

Notwithstanding the challenging times, the company also invested close to Rs. 20 crores in less than six months during the ongoing fiscal for making three major acquisitions and a strategic investment in another company. The acquisition includes Mumbai-based Quifers, a logistics tech startup, a Delhi-based cold chain company Udgam Logistics, and a Bengaluru-based specialised transportation company. In addition, it has invested in drone delivery company TechEagle.

“We are perhaps one of the few companies in India to do this during these pandemic times. We are planning to acquire another couple of companies; one each in e-commerce and the critical logistics vertical. These acquisitions are in keeping with our goal of transitioning from a solution-based company to a technology-based company. We aspire to be a tech-enabled supply chain company,” said A.M. Sikander, CEO and Founder of Sitics.
The company has now set an ambitious target of growing into a Rs. 1,500 crore entity by 2026 and breaking into the top 10 companies in the country offering third party logistics services. It remains confident of getting there banking on a surge in profitability by 400 basis points thanks to its non-linear business model and the technology integration.

In keeping with that target, Sitics plans to digitize its entire operations and also expand its presence to Europe, the US, Canada, Indonesia, and Vietnam. The idea is to enhance the share of international revenue to 20% of the company’s total revenue from the current 5% by FY 2026.
The company eyes to have a blend of 50% of its revenue from traditional logistics and the other half from new-age digitally-driven logistics.

During the height of the pandemic during 2020-21, the company expanded to North, West, and East of the country thus transitioning itself from a South India-based player to pan-India player, expanding its presence from five states to more than 20 States. The company also hired the head of APAC to drive the business and expand in Singapore, Thailand, and Australia.

The company also established a cross border e-commerce solution in India and Malaysia and a global freight forwarding division.

“While the world succumbed to the uncertainties of Covid-19, we confidently pursued our strategy. We want to be a one-stop destination for all supply chain needs for companies of all scales and stages. It should be like ‘Think Supply chain, Think Sitics,” said Sikander.