Porter, a tech-enabled logistics startup, becomes India’s third unicorn in 2024
Porter, a homegrown logistics services platform, is likely to become India’s third unicorn (with a valuation of $1 billion or more) this year, following a fresh internal round.
According to sources, the new round included key individual investors who purchased stock from the logistics provider’s employee stock ownership plan (ESOP), raising the company’s valuation to $1 billion.
In a statement to IANS, the company said, “We do not comment on market speculation as a company policy.”Before Porter, India saw the birth of two unicorns this year: Ola’s Krutrim AI and fintech firm Perfios, amidst a global slowdown.
Top investors including Tiger Global, Peak XV Partners, Lightrock, and the Mahindra Group have invested in Porter.
Porter was founded in 2014 by Pranav Goel, Uttam Digga, and Vikas Choudhary. It is an on-demand marketplace for trucks, bikes, and packers and movers.
It is one of the leading logistics companies, offering a wide range of intra- and inter-city services.The Bengaluru-based company’s operating revenue surpassed Rs 1,700 crore in FY23. Its FY24 results have yet to be announced.
The company generates revenue by providing transportation services.
It has raised approximately $150 million in funding to date.In the first quarter of this year, the Indian tech startup ecosystem received over $1.6 billion in funding.
