Logistics unicorn Porter saw revenue soar to Rs 2,734 crore, losses narrowed to Rs 96 crore in FY24

Pranav Goel, co-founder, Porter

Tiger Global-backed logistics startup Porter registered a 56 percent jump in operating revenue from Rs 1,754 crore in FY23 to Rs 2,734 crore in FY24 as demand for its services grew during the year. Even as the company grew its top line, its losses reduced on a year-on-year (YoY) basis which implies that it did not burn too much cash to acquire new users.

Porter saw its net loss narrow from Rs 175 crore in FY23 to Rs 96 crore in FY24, a 45 percent improvement YoY, as per regulatory filings. Moneycontrol had reported on May 16 that Porter’s strong financials had helped it increase its valuation. 

The company entered into the coveted unicorn club after completing a fresh friends and family round, sources had told Moneycontrol earlier. A unicorn is a privately held company that is valued at or above $1 billion.

Since its last primary fundraise in 2021, Porter has completed at least two friends and family rounds which has doubled its valuation from $500 million to $1 billion in a span of about three years without any institutional fundraise.

Financials
Even as the company reduced losses, it spent more money to grow its presence and scale. The Bengaluru-based company’s total expenses increased 46 percent on a YoY basis from Rs 1,964 crore inFY23 to Rs 2,862 crore in FY24.

Increased expenditure on employees, fleet operating costs and others resulted in higher expenses during FY24.

The company has also been expanding operations and providing loans and other credit facilities to its driver partners. 

Founded in 2014 by Pranav Goel, Uttam Digga and Vikas Choudhary, the logistics provider helps in optimising last-mile delivery operations for businesses by providing on-demand light commercial vehicles (LCVs). It has been expanding operations, by running an intra-city courier service on two-wheelers, for instance, to widen its revenue streams.

It competes with Shadowfax, cash-strapped Dunzo and others. The company has raised around $150 million from investors such as Mahindra and Mahindra (M&M), Peak XV Partners, Lightrock, Kae Capital and several others since inception.