In the fiscal year ,March 31, 2023, Bengaluru-based intra-city logistics company Porter’s operating revenue exceeded INR 1,700 Cr. In the fiscal year 2022–23 (FY 23),Tiger Global recorded operational revenue of INR 1,753.5 Cr, a 2X increase from INR 847.6 Cr the year prior to it.
Porter makes money by providing services for the transportation of products. Porter reported total revenue of INR 1, 789.1 Cr for the reviewed fiscal year, compared to INR 862 Cr during the previous fiscal year including its other incomes.
The startup’s overall expenses nearly doubled to INR 1.946.8 Cr in FY23 from INR 984 Cr in FY22, in line with its revenue growth. The increase in costs could only be attributable to the fleet operation costs, which in FY 23 accounted for INR 1,578.8 Cr, or 80% of all expenses.In FY 22, fleet operating costs stood at INR 786.4 Cr. In addition, Porter spent INR 185.9 Cr on employee benefits, a 75% increase from INR 106 Cr of the year prior.
Additionally, it must also be noted that in January of this year, Porter announced an Employee Stock Ownership Plan (ESOP) liquidation scheme worth INR 50 Cr for its present and former employees.