Porter FY24: Loss Declines 45% To INR 96 Cr, Revenue Crosses INR 2,500 Cr Mark

Hyperlocal logistics startup Porter managed to narrow its net loss by 45% in the financial year ended March 31, 2024 due to lower cash burn. The Peak XV Partners-backed startup’s loss declined to INR 95.7 Cr in the financial year 2023-24 (FY24)  from INR 174.6 Cr in the previous fiscal year.

Operating revenue zoomed 56% to INR 2,733.7 Cr during the year under review from INR 1,737.4 Cr in the previous fiscal year. 

Porter offers B2B and B2C logistics service. It primarily earns revenue by providing transportation services through its own fleet. 

Including total income, the startup’s total revenue stood at INR 2,766.4 Cr in FY24, an increase of 54.5% from INR 1,789.4 Cr in the previous fiscal year. 

Founded in 2014 by Pranav Goel, Vikas Chaudhary, and Uttam Digga, Porter claims to provide distance-based allocation, GPS tracking, proactive notifications, and more, to empower its driver partners.

 

Where Did Porter Spend?

The startup’s total expenditure rose 46% to INR 2,862.1 Cr during the year under review from INR 1,964 Cr in the previous fiscal year. 

Fleet Operator Cost: This cost accounted for 83% of Porter’s total expenditure, rising 50% to INR 2,369 Cr from INR 1,578.8 Cr in FY23.

Employee Expenses: The second biggest expense for the startup was its employee costs. Porter spent INR 237.3 Cr on employee benefits in FY24, an increase of 24% from INR 190.9 Cr in the previous fiscal year. 

EBITDA margin improved to -2.93% in FY24 from -9.46% in the previous fiscal year. 

Porter has raised a total funding of about $132 Mn till date and counts marquee investors such as Tiger Global, Peak XV, Lightrock, and Kae Capital among its backers.

Earlier this year, Moneycontrol reported that Porter entered the coveted unicorn club following an internal funding round. However, the startup hasn’t provided any clarity on it till date. 

Porter competes against the likes of Shadowfax, Dunzo, Swiggy Genie, Pidge, among others.