Porter is a logistic startup that provides on-demand truck booking and courier delivery services across India. The startup showed a 55.9 percent increase in its operating revenue to Rs 2,733.8 crore in FY24. The company saw a huge decrease in its loss to 45.2 percent, with a loss of Rs 95.7 crore in the same duration. The National Stock Exchange report mentioned that the revenue spiked and crossed the Rs 2,700 crore threshold.
Entrackr mentioned in its report that the firm earns its income from transportation, delivery services, royalty, other operating activities, and commissions. The company also earns revenue from platform fees and last-mile delivery operations. The startup provides a full-stack logistic platform that helps businesses track and optimize their last-mile delivery options.
The transportation services accounted for 99 percent of total operating revenue in FY24. The company has raised over 150 million USD across multiple funding rounds since its inception, including 101 million USD raised during its series E funding round led by Tiger Global Management and Vitruvian Partners.
The company claims to provide a platform to select delivery vehicle types and goods to be delivered. The startup data intelligence platform Tracxn mentioned that Sequoia Capital is the firm’s largest institutional investor. Porter offers intercity and intracity delivery services with the best customer experience. This logistic startup enables companies to manage their business efficiently.
The legal, marketing, information technology, and other expenses increased the total expenditure by 45.7 percent to Rs 2,862 crore in FY24. However, 82.8 percent of the total expenses go to the fleet operator costs. This logistic company has investors, including Peak XV Partners, Kae Capital, and Sequoia Capital.
The logistic startup is focused on improving its business model while offering more innovative logistic solutions, positioning it well in the global market. The company plans to minimize losses by reducing operating expenses and employee benefits. The employee benefit increased by 24.3 percent to Rs 237.3 crore in FY24.
The EBITDA margin also improved and stood at -2.89%, while the ROCE was reported to be around -21.36 percent in the same period. The operating cash outflows improved by 48.5 to Rs 9.7 crore this year. The company faces competition from other logistics companies in the same segment, such as Pyck, GoGoX, and Pico Xpress.
Conclusion:
Porter announced a 55.9 percent increase in its revenue from operations to Rs 2,733.8 crore in FY24. This logistic startup offers courier delivery and on-demand truck booking services. This logistic service provider provides an online platform to track your packages and help business optimize their last-mile delivery services. These transportation and delivery services are the company’s primary sources of revenue.
The startup reported around a 45.2 percent decrease in its loss to Rs 95.7 crore in FY24. The total expenditure of the firm increased by 45.7 percent and crossed Rs 2,862 crore in the same duration. The transportation services accounts for 99 percent of the total operating revenue. Porter competes with other logistic platforms including Pico Xpress and more.
