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An on-demand logistics company, Porter has expanded its intra-city logistics services to Dubai along with earmarking a total of $50 million investment towards international expansion in the next five years.
Speaking to businessline, Pranav Goel, CEO & Co-Founder, Porter said, “Overall, Porter has earmarked a total of $50 million for international expansion in the next five years. We have realised that emerging markets in South-East Asia, Gulf, West Asia, and South America present promising opportunities for us.”
In UAE, the company will provide its platform to ensure deliveries through its Light commercial vehicles (LCVs) and 2-wheelers addressing the gap in intra-city logistics requirements in the region for small package delivery requirements of both personnel and businesses.
With more than 20,000+ customers onboard in Dubai, Porter plans to make an investment of $6 million in UAE specifically for the next three years. The company currently has 300+ LCVs on the platform and recently introduced 15 two-wheelers to expand its operations in the region.
Commenting on the UAE expansion, Goel said, “With Dubai being the hub of global business, we expect to scale our business exponentially in the market, especially with the business-friendly policies and infrastructure that the region has to offer.”
“Our model helps to bring efficiency into the system by addressing issues such as lower utilisation of vehicles, unavailability of the right vehicle type and high cost for customers. This expansion should help provide a logistics solution for businesses as well as offer consumers direct control over their deliveries,” said Ankit Dwivedi, AVP - International Business, Porter.
Founded by Goel, Uttam Digga and Vikas Choudhary in 2014, Porter is a logistics company providing a spectrum of intra-city and inter-city services. Goel expects to close its FY23 at ₹1,800 crore revenue against ₹800 crore in FY22. Further, Porter has also shrunk its loss (in percentage terms) to -9 per cent in FY23 from - 16 per cent in FY22.
“I think this year also our growth momentum will continue. We will grow almost 2x year on year and our percentage losses will further reduce from -9 per cent to -5 per cent,” he added.
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