Janio delivers 45% revenue growth as losses narrow

Janio, a cross-border logistics service provider based in Singapore, has posted strong revenue growth and an improving bottom line, according to its most recent set of audited financials.

The startup’s company group, Taurus One Private Limited, reported US$32 million in revenue for the financial year ending June 2023 (FY 2023). This number marked a 45% growth from FY 2022.

Janio team / Photo credit: Janio

The group’s comprehensive losses also narrowed by 27% to US$14 million. However, its gross loss was up 5x on the back of the rising cost of sales.

Janio did not reply to queries from Tech in Asia.

Up in Singapore, down elsewhere

Founded in 2018, Janio is a fourth-party logistics player that acts as an intermediary and manages clients’ entire supply chain. The startup provides logistics solutions to over 1,000 customers, including ecommerce brands, logistics service providers, and marketplaces.

Its company group’s revenue is divided into two segments: shipment and fulfillment.

The first one is derived from shipment-related activities such as collecting, transporting, and distributing domestic and international parcels. This accounts for nearly 98% of the group’s revenue.

See also: Are SEA’s deliveries about to get greener? These logistics startups think so

Fulfillment revenue, on the other hand, is generated from other services such as inbound processing, dispatch, or storage of items.

In Singapore, the biggest market for the group, revenue grew by 86% between FY 2022 and FY 2023.

However, its revenue declined in other markets such as China, Malaysia, and Indonesia.

The group’s strong performance in Singapore – which is a stark contrast to its weak performance in other markets – speaks to the important role the city-state plays in Southeast Asia’s cross-border logistics scene.

Cost-conscious

Janio’s company group kept costs in check even as it experienced strong revenue growth in FY 2023. Cost efficiency was made possible by lower administrative expenses as well as the absence of losses from recognizing financial liabilities that occurred in the previous financial year.