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Porter reports Rs 2,734 Cr revenue in FY24; losses dip 45%

EntrackrEntrackr · 10m ago
Porter reports Rs 2,734 Cr revenue in FY24; losses dip 45%
Medial

On-demand intra-city logistic company Porter has maintained its growth trajectory in FY24 as its revenue spiked 56%, and crossed the Rs 2,700 crore threshold. At the same time, the firm controlled losses by 45% and brought it under Rs 100 crore in the same period. Porter’s revenue from operations grew 55.9% to Rs 2,733.8 crore during the fiscal year ending March 2024, the company’s consolidated financial statements sourced from the Registrar of Companies (RoC) show. For context, Porter’s revenue shot up 2X to Rs 1,753.8 crore in FY23. Porter company provides a full-stack logistics platform to help businesses optimize their last-mile delivery operations. It generated 99% of its total operating revenue via the goods transportation services while the remaining came from platform fees and other operating activities. The firm also topped up Rs 32.64 crore from interest and gain on financial assets which took its overall revenue to Rs 2,766 crore in FY24. On the expenses side, fleet operator costs (including all vehicle-related and delivery personal costs) formed 82.8% of the total expenses. This cost grew 50% and stood at Rs 2,369 crore in FY24. Employee benefits expenses also went up 24.3% to Rs 237.36 crore during the same period. Significantly, the employee cost also includes employee stock compensation (ESOP) expenses worth Rs 6.69 crore. Advertising-promotions, information technology, and legal & professional fees were other major expenses of the company during the year. Adding to that, the total expenditure of the company inclined 45.7% to Rs 2,862 crore during FY24 from Rs 1,964 crore in the previous fiscal year. For the complete expense breakdown, head to TheKredible. Despite rising expenses, Porter managed to cut down its losses by 45% to Rs 95.7 crore during the year against Rs 174.6 crore in FY23. Its operating cash outflows also improved by 48.5 to Rs 96.7 crore during the year. Porter’s outstanding losses stood at Rs 771.5 crore as of FY24. As per TheKredible, the firm’s EBITDA margin improved by 638 BPS to -2.89% in FY24. On a unit level, Porter spent Rs 1.05 to earn a rupee of operating revenue during the previous fiscal year. FY23-FY24 FY23 FY24 EBITDA Margin -9.27% -2.89% Expense/₹ of Op Revenue ₹1.12 ₹1.05 ROCE -33.31% -21.36% Porter managed to grow its scale without any fundraise in FY24 and FY23. Its $100 million Series E round led by Tiger Global and Vitruvian Partners came in October 2021 (FY22). The firm reportedly turned unicorn in an internal round which also included secondary components. However, the Bengaluru-based company has yet to announce it officially. Being on the brink of profitability adds a lot of reassurance for present and future investors of course, although Porter remains in a market that is particularly competitive even now. The fading away of Dunzo has also helped no doubt, and Porter has done well to step in almost seamlessly for many users. Investor fatigue that is setting in for the logistics sector also means future competition from startups will be limited, allowing Porter and larger players in the segment to target margin improvements. Expect Porter and many other firms to gradually turn into the kind of boring and predictable profit churners that public markets love.

Holiday Tribe raises Rs 5.4 Cr from Powerhouse Ventures and GSF

EntrackrEntrackr · 9m ago
Holiday Tribe raises Rs 5.4 Cr from Powerhouse Ventures and GSF
Medial

Travel-tech startup Holiday Tribe has raised Rs 5.4 crore in its seed round led by Powerhouse Ventures and GSF with participation from notable investors including Dinesh Agarwal and Dinesh Gulati of India Mart, Murugavel Janakiraman of BharatMatrimony.com and actor Gaurav Kapur. The proceeds will be used to strengthen the brand’s tech capabilities, supply network, and brand-building initiatives. Founded by ex-MakeMyTrip executives Anshu Sharma and Chirag Goyal in 2023, Holiday Tribe offers customizable holiday experiences across destinations, catering to family and friends, couples and honeymooners, adventure-seekers, and those looking to explore newer or unexplored destinations. The Gurugram-based startup claims to have a supply network of more than 100,000 hotels across the globe and partnering with more than 10 tourism boards including Mauritius, Dubai, Switzerland, Qatar, Thailand, Singapore, and Australia. The brand has curated holidays to more than 30 destinations across the world with endless options for customization. According to a FICCI-Nangia knowledge paper, India’s outbound tourism market is expected to reach $18.81 billion in 2024 and grow at a CAGR of 11.4% in the decade between 2024 and 2034 to reach approximately $55.38 billion. Likewise, India’s online travel market is expected to grow at a CAGR of 10.5% between 2024-29, from $17.24 billion to $28.40 billion.

Peak XV Partners exits Porter with 11x return

EntrackrEntrackr · 1m ago
Peak XV Partners exits Porter with 11x return
Medial

Logistics company Porter has generated returns of over Rs 1,200 crore for Peak XV Partners, which recently exited its investment, according to a Mint report. According to the report, the exit marks an 11x return on Peak XV’s Rs 116 crore investment, made across multiple funding rounds over the past decade. The firm first invested in Porter during its Series A round in 2015. Last week, Porter announced that it had raised $200 million in a Series F round, which also included secondary share sales by select existing shareholders. In a response to Entrackr’s queries, a Peak XV spokesperson said, “Porter is a fantastic company and a clear category leader in local logistics. The company has grown tremendously since our Series A investment in 2015 and is now worth over a billion dollars. After a decade-long partnership with the team, we have exited our investment and express our heartfelt gratitude to the founding team — Uttam Digga, Pranav Goel, and Vikas Choudhary — for being wonderful partners.” However, the spokesperson declined to share specific details of the deal. Porter also did not provide a comment on the matter. According to startup data intelligence platform TheKredible, Peak XV held a 13.77% stake in Porter before the Series F round. Mahindra and Mahindra Limited was the largest external stakeholder, followed by Lightrock Growth Fund. Following its latest funding, Porter became the third unicorn of 2025, after Netradyne and Juspay, which reached unicorn status in January and April, respectively. For the fiscal year ending March 2024, Porter’s revenue from operations rose by 55.9% to Rs 2,733.8 crore. Despite increasing expenses, the company managed to reduce its losses by 45% to Rs 95.7 crore from Rs 174.6 crore in FY23. According to The Arc, Porter’s overall scale is projected to grow by 55% to Rs 4,300 crore in FY25. In addition to Porter, Peak XV has also partially or fully exited investments in companies such as Rebel Foods, Healthkart, Finova, K12 Techno, and Cloudnine Hospitals.

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