Logistics Startup Porter’s Operating Revenue Doubles To INR 1,753 Cr In FY23

Bengaluru-based intra-city logistics startup Porter’s operating revenue crossed the INR 1,700 Cr mark in the financial year ended March 31, 2023. The Tiger Global-backed startup reported an operating revenue of INR 1,753.5 Cr in the financial year 2022-23 (FY23), a 2X jump from INR 847.6 Cr in the previous year. 

Porter generates revenue by offering services for the transportation of goods. Including other income, Porter reported a total revenue of INR 1,789.1 Cr during the year under review as against INR 862 Cr in the previous fiscal year.

In line with the revenue, the startup’s total expenditure also almost doubled to INR 1,946.8 Cr in FY23 from INR 984 Cr in FY22. The rise in the expenditure could solely be attributed to the increase in fleet operation cost, which accounted for 80% of the total expenditure at INR 1,578.8 Cr in FY23. Fleet operating expenses stood at INR 786.4 Cr in FY22.

Porter also spent INR 185.9 Cr on employee benefit expenses, a 75% increase from INR 106 Cr in the previous year. 

It must also be highlighted that Porter announced an Employee Stock Ownership Plan (ESOP) liquidation scheme worth INR 50 Cr for its current and former employees in January this year.