Porter likely joins India’s unicorn club with a valuation exceeding $1 billion after an internal funding round.
Porter, a prominent logistics services platform, is poised to achieve unicorn status in India following a recent internal funding round. Sources indicate that the round involved prominent individual investors purchasing shares from the employee stock ownership plan (ESOP) pool, driving the company’s valuation to $1 billion.
The company refrained from commenting on market speculation, adhering to its policy. Prior to Porter, India witnessed the emergence of two unicorns this year—Krutrim AI by Ola and fintech firm Perfios—amidst global economic slowdown.
Noteworthy investors such as Tiger Global, Peak XV Partners, Lightrock, and the Mahindra Group have contributed funds to Porter’s growth. Established in 2014 by Pranav Goel, Uttam Digga, and Vikas Choudhary, Porter introduced an on-demand marketplace for trucks, bikes, and packers & movers.
Porter has solidified its position as one of the leading logistics companies, offering a wide array of intra-city and inter-city services. With its operating revenue surpassing INR 1,700 crore in FY23, the Bengaluru-based company awaits the announcement of its FY24 results. Revenue generation primarily stems from transportation services for goods, with Porter having amassed approximately $150 million in funding to date.
The Indian tech startup ecosystem witnessed substantial funding in the first quarter of this year, totaling more than $1.6 billion, indicative of continued investor interest and confidence in the sector.
