Logistics startup Porter eyes more small cities for growth
Subscribe to enjoy similar stories. Bengaluru-based logistics startup Porter is looking to double its domestic geographical presence in the next 3-4 years, even as it seeks to expand its international operations beyond Dubai, a market it entered last year. The company, which is currently present in about 22 cities, including 7-8 metro cities, is looking to expand to nearly 40 cities in the coming years, Uttam Digga, co-founder and CEO of Porter, told Mint.
“We feel that in some years, with a business model like ours, it makes sense to have 35-40 cities in India, maybe not beyond that. Beyond that, the city will become too small," he said. Founded in 2014 by Pranav Goel, Uttam Digga and Vikas Choudhary, Porter offers a logistics platform to help businesses with their last-mile delivery operations.
The company saw a 56% increase in revenue to more than ₹2,700 crore in FY24, with its losses shrinking 45% to ₹96 crore. “One of the interesting things which we are observing in the tier-2 market is the small and medium enterprises (SME) density in these markets. To take it as a density of population, I think it's better in these regions and that's reflected in our numbers as well.
Overall, it has been a good growth rate and we continue to invest," he added. Recently, the company expanded into Visakhapatnam and Thiruvananthapuram. Around 10-15% of Porter’s revenue comes from newer initiatives, newer geographies and 85% from mature businesses and geographies, according to Digga.
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