Logistics company Porter, which recently went through a rebranding exercise, claimed to have spent about Rs 110 crore in FY23 on marketing and advertising, Mohit Rathi, AVP – growth and marketing, Porter, told Brandwagon Online. “Of this digital accounted for 40% of the spent and rest 60% was spent on traditional marketing. In FY23 the annual burn rate was around Rs 200 crore,” Rathi added. Porter, which started with trucks, has claimed to have diversified its business with the addition of multiple fleets of vehicles.
The company net loss declined 11% to Rs 122 crore, while net revenue from operations rose 2.6x Rs 847.6 crore, according to regulatory filings accessed by business intelligence platform, Tofler. The company’s net loss stood at Rs 138 crore in FY21, as revenue from operations was Rs 322 crore. The company’s marketing spend has increased 3x from to Rs 27.31 crore in FY22 from Rs 7.03 crore in FY21.
Of the 19 cities, the company claims that it has the largest market share about 10-15% in Bengaluru and Mumbai, respectively. “In cities such as Delhi, Ahmedabad, Hyderabad, Chennai we have a market share ranging between seven to nine percent, while in the rest of the cities we have a market share of three-five percent,” he said. The company claims to have expanded to four cities including Nagpur, Indore, Chandigarh and Vadodara in this January 2023. It claims to serve more than 50,000 customers and enable over one lakh deliveries in a year in each of these cities.
As per the firm, in its new look has been designed by Moshimbo, the pin symbol has been retained. “The idea was to create a better, simpler logo type along with the same map pin. ‘We wanted to update our identity and design language to match the brand we’ve built over time. It was time to reimagine our logo in a way that better reflected who we are and to develop a visual and verbal guide for our extended services,” he explained.
The company launched its first TVC “Delivery hai? Ho Jayega!” in last August that talks about the brand’s promise of delivering anything, anytime, anywhere. It claims that the rebranding is in alignment with its aim to expand to 25 cities by the end of 2023.