SmartShift Logistics Solutions Private Limited, popularly known as Porter, has published its consolidated financial statements for the fiscal year ending March 31, 2024.
The technology-driven logistics unicorn has shown significant revenue growth while narrowing its losses compared to the previous fiscal year.
Strong revenue growth
Porter’s operating income for fiscal year 2024 increased to Rs 2,733.79 crore, a notable increase of 55.87% from Rs 1,753.78 crore in fiscal year 2023.
The startup attributed this robust growth to its expanded services across 20 cities in India, coupled with increasing adoption of digital logistics solutions, which enabled it to capture a larger market share in the highly competitive transportation and logistics sector.
Total revenue, including other gains, increased to Rs 2,766.43 crore, from Rs 1,789.40 crore in FY23. The increase in revenue reflects Porter’s aggressive expansion strategies and its ability to serve a growing number of customers across multiple industries.
Reduced losses
Despite rapid revenue growth, Porter continued to operate at a loss, but made significant progress in reducing its financial deficits.
The startup reported a loss of Rs 95.72 crore for fiscal 2024, a marked improvement from the loss of Rs 174.66 crore in fiscal 2023.
The reduction in losses can be attributed to Porter’s focus on operational efficiency, cost management and its ability to scale operations without a proportional increase in expenses.
Employee benefits expenses rose to Rs 237.36 crore, reflecting the company’s growing workforce and investment in talent, while other expenses rose to Rs 2,609.12 crore.
Cash flow and assets
Porter’s cash and cash equivalents at the end of fiscal year 2024 stood at Rs 69.87 crore, a significant improvement from Rs 37.81 crore in the previous year.
The startup’s total assets declined slightly to Rs 503.84 crore from Rs 569.56 crore in FY23, while total liabilities rose to Rs 73.83 crore.
To date, Porter has raised over $150 million from investors including Tiger Global, Peak XV Partners, Kae Capital, Mahindra Group, and Lightrock, among others. It offers a comprehensive logistics platform to help businesses optimize their last-mile delivery operations.
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