36.8 C
Dubai
Thursday, July 11, 2024
spot_img

Porter expands into UAE, enters international markets

[ad_1]

Porter, an on-demand logistics company, has expanded its intra-city logistics services to Dubai and allocated a total investment of US$50 million over the next five years for international expansion.

Speaking of career linePranav Goel, CEO and co-founder of Porter, said, “Overall, Porter has earmarked a total of $50 million for international expansion over the next five years. It presents us with a promising opportunity.”

In the UAE, the company will offer its platform to ensure delivery through its light commercial vehicles (LCV) and two-wheelers, addressing the gap in intra-city logistics needs of people and businesses in the region for small parcel delivery needs.

Porter has more than 20,000 clients in Dubai and plans to invest $6 million exclusively in the UAE over the next three years. The company currently has more than 300 light commercial vehicles on the platform and recently launched 15 two-wheelers to expand its presence in the region.

Commenting on the expansion in the UAE, Goel said: “With Dubai becoming a global business hub, we hope to expand our operations exponentially in the market, especially with the business-friendly policies and infrastructure that the region has to offer.”

“Our model helps improve system efficiency by addressing issues such as low vehicle utilization, inability to obtain the right vehicle type, and high costs to customers. This extension should help provide logistics solutions to businesses and give consumers direct control over their delivered,” said Ankit Dwivedi, Porter’s vice president of international operations.

Founded in 2014 by Goel, Uttam Digga and Vikas Choudhary, Porter is a logistics company offering a range of intra-city and inter-city services. Goel expects its revenue to come in at Rs 1,800 crore in FY23, compared to Rs 8,000 crore in FY22. Furthermore, Porter narrowed its loss (in percentage terms) from -16% in FY22 to -9% in FY23.

“I think our growth momentum will continue this year as well. We will nearly triple year-on-year and our loss percentage will further decrease from -9% to -5%,” he added.

This is your last free article.

[ad_2]

Source link

Related Articles

Axi and Manchester City Women’s Team Kick Off big ‘The Mentality Edge’ Campaign 1

Axi and Manchester City Women’s Team Kick Off 'The Mentality Edge' Campaign In a dynamic culmination to the 2023/24 football season, leading online FX and...

UAE Murban Crude Oil Achieves Record Trade Levels.

UAE: United Arab Emirates' Murban crude oil has achieved record trade levels, marking a significant milestone for the country’s energy sector. This surge in trading...

NAZ INDUSTRIES Earns 2024 Great Place To Work Certification™

NAZ INDUSTRIES Earns 2024 Great Place To Work Certification™ Dubai, United Arab Emirates — NAZ INDUSTRIES is proud to be Certified™ by Great Place To...

Ajman Department of Finance Engages Globally at 30th Annual Reserve Management Seminar

Ajman Department of Finance Participates in the 30th Annual Reserve Management Seminar Ajman, 4 July 2024: The Ajman Department of Finance, represented by Jassim Bu...

UAE Distributes Dh782 Million in Financial Aid, Empowering Pensioners

UAE has recently disbursed a substantial sum of Dh782 million to pensioners, marking a significant step in ensuring the financial well-being of its retired...

Latest Articles