Bengaluru-based logistics startup Porter reported a 56% year-on-year increase in revenue for FY24, reaching Rs 2,733.8 crore, up from Rs 1,753.8 crore in FY23, according to the company’s consolidated financial statements sourced from the Registrar of Companies (RoC). The company also reduced its losses by 45% to Rs 95.7 crore during the same period.
Porter, which offers on-demand intra-city logistics services, derived 99% of its total operating revenue from goods transportation services, with the remaining revenue coming from platform fees and other operating activities.
On the expenses front, Porter’s total expenditure increased 45.7% to Rs 2,862 crore in FY24, compared to Rs 1,964 crore in the previous fiscal year. Fleet operator costs—comprising vehicle-related and delivery personnel expenses—represented 82.8% of total expenses, growing 50% to Rs 2,369 crore. Employee benefit expenses rose by 24.3% to Rs 237.36 crore, which includes Rs 6.69 crore in employee stock compensation (Esop) expenses.
Despite the increase in expenses, Porter improved its Ebitda margin by 638 basis points to -2.89% in FY24. On a unit level, the company spent Rs 1.05 to generate a rupee of operating revenue, down from Rs 1.12 in the prior fiscal year.
Porter also improved its operating cash outflows by 48.5%, reducing them to Rs 96.7 crore in FY24. As of the end of the fiscal year, the company’s accumulated losses stood at Rs 771.5 crore.
Founded in 2014 by IIT alumni Pranav Goel, Uttam Digga, and Vikas Choudhary, Porter has raised $142 million in funding to date. The company last raised $100 million in a Series E round led by Tiger Global Management and Vitruvian Partners in October 2021, which reportedly valued the startup at over $500 million. According to Tracxn, Porter turned unicorn in May this year following an internal funding round that included secondary sales, although the company has yet to officially announce this milestone.
As of May, the founding team held a 16.6% stake, while institutional investors retained significant portions: Sequoia Capital India (13.6%), Lightstone Ventures (12.9%), Tiger Global Management (8.8%), and Kae Capital (1.6%). Mahindra, meanwhile, holds a 24.6% stake in the company.
By July 2024, Porter had surpassed 30 million mobile app downloads and had an employee count of 2,125.