SmartShift Logistics Solutions Private Limited, known as Porter, has announced its consolidated financial results for the fiscal year ending March 31, 2024. The technology-driven logistics company has showcased substantial revenue growth and improved its financial performance compared to the previous year.
Porter’s revenue surged to ₹2,733.79 crore, marking a 55.87% increase from ₹1,753.78 crore in FY 2023. The rise is attributed to the company’s expanded operations across 20 cities in India and the growing demand for digital logistics solutions.
The total income, including other earnings, climbed to ₹2,766.43 crore from ₹1,789.40 crore in the previous fiscal year. Despite this growth, Porter reported a loss of ₹95.72 crore, though this represents a significant reduction from the ₹174.66 crore loss in FY 2023. The improved financials are credited to enhanced operational efficiencies and cost management
Employee benefit expenses rose to ₹237.36 crore, reflecting Porter’s investment in its workforce. The company’s cash and cash equivalents increased to ₹69.87 crore from ₹37.81 crore, while total assets slightly decreased to ₹503.84 crore. Total liabilities rose to ₹73.83 crore.
Porter has raised over $150 million from prominent investors including Tiger Global and the Mahindra Group. The startup continues to expand its full-stack logistics platform aimed at optimizing last-mile delivery operations.
