On-demand logistics platform Porter has raised $200 million in a funding round led by private equity firms Kedaara Capital and Wellington Management. The round, comprising both primary and secondary transactions, has propelled Porter into the unicorn club with a valuation between $1.1 billion and $1.2 billion, according to sources familiar with the matter.The funding round also marked the exit of early investors. Peak XV Partners has fully sold off its stake, while Kae Capital and Lightrock have partially offloaded theirs. Vitruvian Partners, an existing investor, also participated in the round. Of the total funding, around $140–150 million was from secondary transactions, involving the purchase of existing shares from early backers.
Uttam Digga, cofounder and CEO of Porter, said, “Since our inception, we have been committed to making urban logistics more efficient, intelligent, and inclusive – supporting MSMEs, empowering gig workers, and strengthening the communities we serve.”
Founded in 2014 by Digga, Pranav Goel, and Vikas Choudhary, Porter offers intra-city logistics solutions, including mini-trucks and two-wheeler deliveries, primarily catering to MSMEs. The platform has expanded to over 22 cities in India and has also ventured into the peer-to-peer (P2P) parcel delivery segment. This segment, once dominated by Dunzo, now sees competition from Rapido, Uber, and others.
Uttam Digga, cofounder and CEO of Porter, said, “Since our inception, we have been committed to making urban logistics more efficient, intelligent, and inclusive – supporting MSMEs, empowering gig workers, and strengthening the communities we serve.”
Founded in 2014 by Digga, Pranav Goel, and Vikas Choudhary, Porter offers intra-city logistics solutions, including mini-trucks and two-wheeler deliveries, primarily catering to MSMEs. The platform has expanded to over 22 cities in India and has also ventured into the peer-to-peer (P2P) parcel delivery segment. This segment, once dominated by Dunzo, now sees competition from Rapido, Uber, and others.
Kedaara Capital also recently led a $60 million funding round in Juspay, valuing the payments aggregator at over $900 million.
Valuation surge
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Porter’s newly ascribed valuation of $1.2 billion is more than double its previous $500 million post-money valuation from the 2021 funding round led by Tiger Global. The jump reflects significant business growth, with operating revenue for FY25 surging to over Rs 4,000 crore, up from Rs 2,766 crore in FY24, as per industry insiders. Financials for FY25 are yet to be filed.
The company’s net loss in FY24 reduced to Rs 96 crore, down from Rs 175 crore in FY23. It underwent a leadership change in August 2023, with Digga taking over as CEO from Goel, who became vice chairman.
