Porter surpasses Rs 1,700 crore mark in operating revenue for FY23

Porter's revenue: Porter, the intra-city logistics startup backed by Tiger Global, has announced a significant improvement in its financial performance for the fiscal year ending March 31, 2023 (FY23). The company reported an operating revenue of Rs 1,753.5 crore, marking a substantial 2X increase from the Rs 847.6 crore it earned in the previous year.

Founded in 2014, Porter has established itself as a key player in the logistics industry, offering an on-demand marketplace for trucks, bikes, and packers and movers. This impressive growth in operating revenue underscores the company's rapid expansion and success in the highly competitive logistics market.

In addition to its operating revenue, Porter reported a total revenue of Rs 1,789.1 crore for the fiscal year under review, which includes income from various sources. This represents a significant upsurge from the Rs 862 crore in total revenue generated in the previous fiscal year.

Expenditure also doubled

However, this growth in revenue was accompanied by an increase in expenditure. Porter's total expenditure nearly doubled in FY23, reaching Rs 1,946.8 crore, compared to Rs 984 crore in FY22. The startup's net loss also saw a 29 per cent rise, reaching Rs 157.7 crore in FY23, up from Rs 122.2 crore in FY22. These financial figures reflect the challenges and investments involved in scaling operations and expanding services.

Porter's performance in FY23 demonstrates its ability to attract demand for its logistics solutions in the Indian market. The company's strong backing from Tiger Global and its commitment to offering efficient and reliable transportation services have contributed to its growing success.

As Porter continues to navigate the logistics landscape, its performance will be closely watched, especially in the context of the dynamic and evolving logistics industry in India.