E-commerce-led logistics firm Delhivery has reported a loss of ₹317 crore for the year ended March 2016, according to business research platform Tofler that pulls data from the Registrar of Companies.

The Delhi-based start-up’s losses have increased four times, from ₹71 crore since the previous year.

According to Tofler, the company, which is backed by global venture fund Tiger Global, has, however, reported a two-fold jump in its revenues to ₹524 crore in 2015-16 as against ₹229 crore in 2014-15.

The company’s net worth is pegged at ₹338 crore.

Founded by Sahil Barua and Mohit Tandon along with three others, Delhivery had raised $85 million in Series D funding lead by Tiger Global, taking its total funding to $128 million.

Nexus Venture Partners is also an investor in Delhivery.

Stiff competition While the reason for such burgeoning losses could not be ascertained, the company has been facing stiff competition from major e-commerce players who have their own logistics divisions. Amazon relies on Amazon Transportation Services, Flipkart is pushing for its company Ekart, Snapdeal is rooting for GoJavas, and Paytm is making most of its delivery through Mumbai-based LogiNext, in which it has a substantial investment.

Meanwhile, global logistics majors such as DHL are also betting big on the Indian e-commerce market. The German logistics giant will be investing about €70 million in the Indian market to strengthen its e-commerce play.

Delhivery is also facing issues with the companies that it had acquired last year.

The company had to recently shut down Opinio, a tech-enabled hyperlocal logistics start-up founded by IITians Mayank Kumar and Lokesh Jangid.

The company used to help small businesses such as restaurants and grocery stores. It had raised about $7 million in Series-A from Delhivery, Sands Capital and Accel Partners.

When contacted by BusinessLine , Delhivery declined to comment.

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