Logistics unicorn Porter’s losses decline to Rs 95.7 crore; revenue rises to Rs 2,733.8 crore

SmartShift Logistics Solutions Private Limited, popularly known as Porter, has released its consolidated financial statements for the fiscal year ending March 31, 2024.

The technology-driven logistics unicorn has demonstrated significant revenue growth while narrowing its losses compared to the previous fiscal year.

Strong revenue growth

Porter’s revenue from operations for FY2024 soared to Rs 2,733.79 crore, a notable increase of 55.87% from Rs 1,753.78 crore in FY 2023.

The startup attributed this robust growth to its expanded services across 20 cities in India, coupled with the increasing adoption of digital logistics solutions, allowing it to capture a larger market share in the highly competitive transportation and logistics sector.

The total income, including other earnings, rose to Rs 2,766.43 crore, up from Rs 1,789.40 crore in FY 2023. The increase in revenue reflects Porter's aggressive expansion strategies and its ability to cater to a growing number of customers across various industries.

Narrowed losses

Despite the rapid growth in revenue, Porter continued to operate at a loss, but it made significant strides in reducing its financial deficits. 

The startup reported a loss of Rs 95.72 crore for FY 2024, a marked improvement from the Rs 174.66 crore loss in FY 2023.

The reduction in losses can be attributed to Porter’s focus on operational efficiencies, cost management, and its ability to scale operations without a proportional increase in expenses.

Employee benefit expenses rose to Rs 237.36 crore, reflecting the company’s growing workforce and investment in talent, while other expenses amounted to Rs 2,609.12 crore.

Cash flow and assets

Porter’s cash and cash equivalents at the end of FY 2024 stood at Rs 69.87 crore, a significant improvement from Rs 37.81 crore in the previous year.

The startup's total assets decreased slightly to Rs 503.84 crore from Rs 569.56 crore in FY 2023, while total liabilities increased to Rs 73.83 crore.

To date, Porter has raised over $150 million from investors such as Tiger Global, Peak XV Partners, Kae Capital, the Mahindra Group, and Lightrock, among others. It provides a full-stack logistics platform to help businesses optimize their last-mile delivery operations.