Bengaluru-based intra-city logistics startup Porter’s operating revenue crossed the INR 1,700 Cr mark in the financial year ended March 31, 2023. The Tiger Global-backed startup reported an operating revenue of INR 1,753.5 Cr in the financial year 2022-23 (FY23), a 2X jump from INR 847.6 Cr in the previous year.
Porter generates revenue by offering services for transportation of goods. Including other income, Porter reported a total revenue of INR 1,789.1 Cr during the year under review as against INR 862 Cr in the previous fiscal year.
In line with the revenue, the startup’s total expenditure also almost doubled to INR 1,946.8 Cr in FY23 from INR 984 Cr in FY22. The rise in the expenditure could solely be attributed to the increase in fleet operation cost, which accounted for 80% of the total expenditure at INR 1,578.8 Cr in FY23. Fleet operating expenses stood at INR 786.4 Cr in FY22.
Porter also spent INR 185.9 Cr on employee benefit expenses, a 75% increase from INR 106 Cr in the previous year.
It must also be highlighted that Porter announced an Employee Stock Ownership Plan (ESOP) liquidation scheme worth INR 50 Cr for its current and former employees in January this year.
Porter’s net loss jumped 29% to INR 157.7 Cr in FY23 from INR 122.2 Cr in the previous fiscal year.
Founded in 2014 by Pranav Goel, Vikas Chaudhary, and Uttam Digga, Porter is an important player in the logistics sector with its on-demand marketplace for trucks, bikes and packers and movers.
The startup recently restructured its leadership team, with cofounder Digga assuming the role of CEO. Earlier, Digga held the position of chief operating officer, a role which the startup has decided to dissolve.
Porter has raised over $132 Mn to date and counts Tiger Global, Peak XV Partners, and the Mahindra Group among its backers.
The startup competes with the likes of listed unicorn Delhivery, Xpressbees, and Ecom Express.
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