Porter loads up a profit; Building a 25-year career in tech

Hello,

First, some good news.

The ozone layer, Earth’s shield against harmful ultraviolet radiation, continues to heal thanks to forty years of sustained global efforts.

Meanwhile, the world is on track for a record harvest this year, according to a report by the United States Department of Agriculture. Despite fears of climate change, corn and wheat crops have seen a year-on-year increase.

It’s also turning out to be a bumper year for initial public offerings in India. JPMorgan Chase said it expects IPOs in the country to surpass the highs of 2024, with several billion-dollar issues lined up over the next few months, Reuters reports.

Indian firms collectively raised $20.5 billion via 91 offerings last year. With companies securing  $8.2 billion through 49 IPOs till August this year, the ecosystem might see an even higher number in 2025.

Moving on, foodtech major Swiggy will sell its stake in Roppen Transportation Services—the parent entity of Rapido—to consumer internet firm Prosus and WestBridge Capital for Rs 2,399 crore.

In 2022, Swiggy led a $180 million Series D round in Rapido, investing about Rs 950 crore, according to Tracxn. This means the firm is earning a 2.5X return on its investment.

Lastly, Swiggy is reorganising one of its growing divisions, Instamart, by moving it into a wholly owned subsidiary, Swiggy Instamart Private Limited. Here’s why.

In today’s newsletter, we will talk about 

• Porter earns its maiden profit
• Building a 25-year career in tech
• Hydrogen-powered drones for farming

Here’s your trivia for today: What are the only two South American countries that do not border Brazil?

Logistics

Porter earns its maiden profit

Smartshift Logistics Solutions, which operates the on-demand logistics platform Porter, posted its first profit in the fiscal year ended March 2025, as revenue growth outpaced costs in India’s booming last-mile delivery market.

The Bengaluru-based company reported a 57% rise in revenue from operations to Rs 4,306 crore in FY25, up from Rs 2,733 crore a year earlier. On a consolidated basis, the company posted a net profit of Rs 55.2 crore, compared with a loss of Rs 97.7 crore in the previous year.

Key takeaways:

• Expenses climbed at a slower pace than revenue, rising 50% to Rs 4,286.3 crore in FY25, from Rs 2,862.1 crore a year earlier. Employee benefit expenses grew 20% to Rs 285.2 crore, while marketing and advertising spend edged up 5.5% to Rs 80 crore.
• Profitability metrics also improved. EBITDA rose to Rs 83.6 crore, compared with a loss of Rs 80 crore in FY24. The EBITDA margin expanded to 1.94% from -2.93% in the previous fiscal year.
• Porter entered the unicorn club last year after raising $200 million in a Series F round led by Kedaara Capital and Wellington Management. It is now in advanced talks to extend the round with an additional $100–110 million.

Funding Alert

Startup: Rocket 

Amount: $15M

Round: Seed

Startup: Track3D

Amount: $10M

Round: Series A

Startup: Distil

Amount: $7.7M

Round: Series A

Woman Entrepreneur

Building a 25-year career in tech

Swapna Bapat first came across the internet during her master’s in computer science. Dial-up internet had just been introduced, and the “possibilities looked enormous.” That early sense of boundless technological potential has fueled Bapat’s 25-year journey in the industry, from embedded systems to artificial intelligence applications in cybersecurity. 

Today, as the Vice President and Managing Director for India and SAARC at Palo Alto Networks, Bapat leads the company’s growth by expanding its technology reach, building strategic alliances, and strengthening the partner ecosystem. 

Tracing the journey:

• Bapat discovered that she liked talking to customers, understanding what landed well and didn’t, and what the business needed to be successful. This enabled her to transition to product management.
• After six years at Microsoft, she got an opportunity to return to product management at Palo Alto Networks. After two years, she moved to sales. 
• Her advice to women who are passionate and want to work outside the home is, “Find ways of making it work. In India, we have a much better support structure compared to many other countries. Ask for help, there's nothing wrong with that. It's your own loss if you don't ask for help.”

Startup

Hydrogen-powered drones for farming

Visron provides drone-enabled pesticide spraying, which minimises contact between farmers and chemical substances. Its drones also spread seeds over farmlands, reducing labour significantly.

“Hydrogen fuel cells for our drones cost only Rs 22/kWh because 1 kg of green hydrogen at Rs 250 delivers far more energy, requiring just 7 kg for every hour of flight. In contrast, battery-powered drones face extremely high lifecycle costs, with an effective energy cost around Rs 65,000/kWh due to their limited charge-discharge cycles,” elaborates co-founder Vinay Yadav. 

News & updates

• Cyberattack: Jaguar Land Rover said that its production lines, shut down after a cyberattack in August, will remain at a halt until at least October 1. JLR, which is owned by India’s Tata Motors, employs more than 30,000 people, with its supply chain supporting tens of thousands more jobs.
• Crypto trade: Morgan Stanley is months away from offering crypto trading to retail customers through its E-Trade division as the Wall Street giant embraces what it calls a transformative moment for the wealth management industry.
• New office: Tech consultancy firm Accenture has proposed setting up a new campus in Andhra Pradesh, aiming to eventually add about 12,000 jobs to its workforce in India, Reuters reported, citing three sources.  

What are the only two South American countries that do not border Brazil?

Answer: Chile and Ecuador

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