• Q1 earnings performance: Overall revenue grew 34% year-on-year with adjusted EBITDA expanding ninefold to ₹8.9 crore, driven by 22% growth in the core business and 70% growth in emerging businesses.
• Segment margin trajectory: Operating leverage across the 1,500-person team improved core adjusted EBITDA margin from 12.3% to 12.8%, while emerging business margins narrowed losses from -38% to -24%.
• Borrowing repayment timeline: Following the August 19 IPO, the company fully repaid all borrowings using the proceeds, which will partially reflect in Q2 and show full financial benefits in Q3.
• Festive season impact: The company expects a seasonal slowdown during the festive quarter because its platform primarily powers off-marketplace transactions, whereas D2C brands temporarily shift inventory and marketing to marketplaces.
• Merchant adoption metrics: Total platform order volumes grew 36% year-on-year, while the cross-sell adoption rate of merchants using emerging products alongside core shipping increased from 7.3% to 8.8% across 2,24,000 merchants.