Tiger Global-backed logistics startup Porter reported its first-ever operational net profit of Rs 55.3 crore in the financial year 2024-25 (FY25), swinging back from a loss of Rs 95.7 crore in the previous year, according to regulatory filings with the Registrar of Companies.
The sharp turnaround was largely due to a significant increase in its top line, with the company’s revenue from operations increasing 58% year-on-year (YoY) to Rs 4,306.2 crore in FY25 from Rs 2,733.8 crore in FY24.
The largest chunk of the operating revenue, or Rs 4,303.4 crore to be precise, came from goods and transportation services. The intra-city logistics company also earned a revenue of Rs 2.3 crore from platform fees during FY25.
Including other income of Rs 3.5 crore, Porter reported a revenue of Rs 4,341.6 crore in the financial year ended March 2025, a 57% increase from Rs 2,766.4 crore in FY24.
The growth in the bottom line was also aided by margin expansion. Porter reported an EBITDA profit of Rs 83.6 crore in FY25 versus an EBITDA loss of Rs 80 crore in the preceding financial year. This resulted in its EBITDA margin expanding to 1.94% during the year under review from -2.93% in FY24.
A Deep Dive Into the Business Model of Porter
Founded in 2014 by Pranav Goel, Uttam Digga and Vikas Choudhary, Porter provides on-demand light commercial vehicles (LCVs) to small businesses for last-mile deliveries within city limits. In 2018, the startup was merged with Mahindra & Mahindra’s on-demand logistics platform SmartShift (which was started in 2015).
Since then, Porter has expanded its operations, offering intercity delivery of courier and parcels, for instance, to widen its revenue streams. The Bengaluru-headquartered startup also provides packers and movers services for both intercity and intracity house relocation.
The company operates a fleet of 2-wheelers, tempos, mini trucks and electric vehicles (EVs) for parcel and courier, and has a presence across 22 cities, including Bengaluru, Delhi NCR, Mumbai, Hyderabad, Kolkata, Ahmedabad, Indore and Jaipur, among others.
Porter primarily competes against the likes of Borzo India and IPO-bound Shadowfax in the on-demand hyperlocal delivery space. It also faces stiff competition from larger logistics players such as Delhivery and Ecom Express in the intercity delivery services and courier services segment.
Swiggy also operated in the two-wheeler delivery space through ‘Genie’. However, the company halted operations of its errand delivery platform in May, citing “operational constraints”.
Besides India, Porter also has a presence in four countries abroad, including the United Arab Emirates (UAE), Bangladesh, Singapore and Turkey.
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