Mahindra-Backed Logistics Startup Porter Sees Losses Grow 151% To INR 104 Cr
Porter, FY20 saw losses grow by 151%, from INR 41.4 Cr in FY19 to INR 104.1 Cr in FY20.A breakdown of the company’s expenses reveals a huge increase in spending across categories. Operational expenses more than doubled; employee benefit expenses grew by 71%; finance costs by 258%; depreciation costs by 3,366%. Other expenses, which includes the company’s spending on fuel, transportation, advertising, rent, repairs, legal, and recruitment spends, among other such expenses, also increased by 128%.
Porter claims to be a leading player in tech-enabled intra-city logistics. The company looks to provide customers with economical, efficient and reliable logistics solutions. Users can book vehicles ranging from a two-wheeler to a mini-truck through the Porter website or mobile application. The startup claims to be helping ecommerce players, fast-moving consumer goods (FMCG) companies, small and medium enterprises (SMEs), traders, courier, cargo companies optimize their logistics with the help of a dedicated fleet and in-house technology.
Porter’s clients include ITC, Flipkart, Amazon, Furlenco, Delhivery, Aramex, Urban Ladder, Pepperfry and Parle Agro.