Porter Delivers Profits, Seekho’s Close Call & More

Porter’s FY25 Turnaround

Porter finally turned profitable in FY25. The logistics unicorn achieved the milestone on the back of soaring revenues and improved margins, signalling a new phase of maturity for the decade-old startup. So, what drove Porter’s impressive financial performance?

Porter’s FY25 snapshot:

• Posted a net profit of INR 55.2 Cr versus a loss of INR 95.7 Cr in FY24
• Revenue from operations rose nearly 58% YoY to INR 4,306.2 Cr 
• Expenses grew 50% YoY to INR 4,286.3 Cr 
• EBITDA jumped to INR 83.6 Cr against an EBITDA loss of INR 80 Cr in FY24

Firing On All Cylinders: Porter’s profitability is rooted in the effective monetisation of its core logistics services, which connect over 3 Lakh driver partners with its vast network of 20 Lakh SMEs. By optimising its revenue-sharing model and improving margins, Porter not only captured significant market share but also generated healthy cash flows and grew its top line at scale in FY25.

Eye On The IPO Prize: Having achieved the unicorn title just months ago, Porter is now looking to fuel its next phase of growth. The startup is in talks to raise an additional $100-110 Mn and is eyeing an IPO within the next 12-15 months. This underpins the company’s long-term goals, including expanding its driver partner network to over 12 Lakhs and its SME customer base to more than 1 Cr by 2030. 

While the real test is whether Porter can sustain this hard-won profitability in a tough logistics landscape, here is how the logistics major swung back to profitability in FY25. 

From The Editor’s Desk

Seekho’s Near-Death Experience: In mid-2022, the edutainment startup was left with less than a month of runway. Three years later, the company has 2 Mn paid users, INR 50 Cr in monthly revenue and is on track to close FY26 with INR 600 Cr+ in top line.

Rocket Nets $15 Mn: The AI-powered SaaS platform has bagged the fresh funding in its seed round led by Salesforce Ventures and Accel. The startup helps businesses build apps, websites, dashboards and internal tools in minutes by simply typing instructions.

Swiggy To Hive Off Instamart: The foodtech major’s board has approved a proposal to transfer all of Instamart’s assets, liabilities, employees, permits, contracts and intellectual property to Swiggy Instamart Pvt. Ltd. – Swiggy’s new step-down subsidiary.

Chaayos’ Zero Ad Gambit: Last year, the QSR chain embarked on a brand exercise to define its core DNA. The new strategy? Forego heavy ad spending and performance marketing, and instead focus more on creating a more coherent and holistic brand experience for consumers.

OYO Nets INR 50 Cr: The hospitality giant’s parent PRISM has raised fresh funding in a round led by a consortium of investors such as InCred and Analah Capital. The funds were raised to launch new hotels under PRISM’s premium brand, Sunday Hotels.

Top-Level Rejig At MMT: The listed travel tech major has appointed ex-Wipro executive Dipak Bohra as the new CFO. Meanwhile,  Mohit Kabra, MakeMyTrip’s long-serving CFO, has been promoted to the post of group COO.

Distil Bags $7.7 Mn: The speciality chemicals startup has raised INR 68 Cr in its Series A round co-led by Jungle Ventures and the UAE’s CE-Ventures. Distil partners with small units for formulating and manufacturing speciality chemicals. 

Paytm Money Partners Jio BlackRock: The fintech giant’s wealth tech arm has joined hands with Reliance-backed company to launch an AI-powered active equity fund for retail investors. The new fund offer will open on September 23 and close on October 7. 

Inc42 Startup Spotlight

Can Astrophel Power India’s Small Satellite Revolution?

The global space race has a new frontier – small satellites, which today account for 97% of all launches. Yet, this spacetech segment is marred by a key bottleneck — affordability. Pune-based Astrophel Aerospace is stepping in to bridge this gap with its innovative and cost-effective solutions.

A Low-Cost Solution: Founded in 2022, Astrophel is building dedicated launch vehicles for the small satellite market. The cornerstone of its technology is a proprietary semi-cryogenic engine named Potentia, which was recently test-fired at a cost of just INR 6 Lakh. 

This engine will drive the startup’s three-stage launch vehicle, Astra C1, which is capable of deploying payloads of up to 300 kg into low Earth orbit (LEO) at economical prices for the underserved small satellite market.

The Big Credentials: The startup has signed an MoU with IN-SPACe, granting it access to ISRO’s state-of-the-art facilities and expert guidance. Bolstering its credentials is also its high-powered advisory board, staffed with propulsion experts from premier organisations like ISRO, HAL and DRDO. 

With this deep well of experience, Astrophel aims to deliver a reusable hopper prototype in the next three years and carve a niche in India’s burgeoning spacetech arena. Backed by JITO and Saka Ventures, can Astrophel power India’s small satellite era?