Bengaluru-based intra-city logistics startup Porter has made significant strides in the financial year ending March 31, 2023. Backed by Tiger Global, the company witnessed remarkable growth in its operating revenue, highlighting its strong position in the logistics sector.
Key Highlights of Porter's FY23 Financial Performance:
Impressive Operating Revenue Growth: Porter's operating revenue surged to an impressive INR 1,753.5 Crores in FY23. This substantial growth represents a remarkable two-fold increase from INR 847.6 Crores in the previous fiscal year (FY22).
Total Revenue: When factoring in other income sources, Porter reported a total revenue of INR 1,789.1 Crores during FY23. This significant increase from INR 862 Crores in the previous fiscal year underscores the company's expanding market presence and revenue streams.
Strong Backing by Tiger Global: Porter's partnership with Tiger Global, a prominent venture capital firm, has provided the startup with the support needed to drive its growth and expansion initiatives in the highly competitive logistics industry.
Porter's Role in the Logistics Space:
Founded in 2014, Porter has emerged as a vital player in the logistics landscape. The startup operates an on-demand marketplace that connects users with a wide range of transportation services, including trucks, bikes, and packers and movers. This innovative approach to intra-city logistics has garnered widespread recognition and adoption.
Financial Snapshot:
While Porter has achieved remarkable growth in operating revenue, it's essential to note that the company's expenditure also saw significant expansion. The total expenditure nearly doubled, reaching INR 1,946.8 Crores in FY23, compared to INR 984 Crores in FY22. Additionally, Porter reported a net loss of INR 157.7 Crores in FY23, reflecting a 29% increase from the INR 122.2 Crores loss recorded in FY22.
Porter's exceptional growth in operating revenue during FY23 underscores its pivotal role in the evolving logistics industry. With an on-demand marketplace catering to various transportation needs, Porter has effectively addressed the demands of modern businesses and consumers for efficient and reliable logistics solutions. While the company's expenditure and losses have also increased, its strong financial backing and growing market presence position it well for further expansion and success in the competitive logistics landscape. As Porter continues to innovate and meet the evolving needs of the logistics sector, its journey in redefining intra-city logistics is one to watch closely in the coming years.
