Porter Nears $310 Mn Fundraise in One of India’s Biggest Start-Up Deals

Logistics unicorn Porter is nearing the final steps of closing a $100-110 million funding from existing and new investors, according to The Economic Times report. With this latest fundraise, the total capital raised in its extended funding round to $300-310 million, which will make it one of the largest investments in a venture-backed firm in India this year.

The report stated that existing investors, including London-based private equity firm Vitruvian Partners, venture capital firm Elev8 Partners and some Mumbai-based stock market investors are expected to pick up stakes in Porter’s latest fundraise round.

“Including the extended portion the overall round size will be around $300-310 million…of this around $250-260 will be through secondary transactions, while approximately $50 million will be raised by Porter as primary capital,” sources told the news publication.

The logistics platform had raised $200 million funding in May this year. The funding round was led by private equity firms Kedaara and Wellington Management, which valued the company at $1.2 billion.

The $200 million fundraising included both primary capital infusion and secondary share purchases from existing participants.

Founded in 2014 by Pranav Goel, Uttam Digga, and Vikas Choudhary, Porter offers on-demand light commercial vehicles to support businesses' last-mile delivery operations. To diversify its revenue streams and expand its offerings, the company has introduced services like intra-city two-wheeler courier deliveries.

Since its inception, the start-up has bagged about $132 million in total funding. Some prominent investors, including Peak XV, Tiger Global, Lightrock, and Kae Capital back the logistics platform.

In 2021, the company raised ₹750 crore in a Series E funding round. The round was led by Tiger Global Management and Vitruvian Partners. Other existing investors who participated in the round include Sequoia Capital and Lightrock India. 

Porter significantly reduced its net loss by 45% in FY24, bringing it down to ₹95.7 crore from ₹174.6 crore in the previous year. During the same period, its operating revenue surged 56% to ₹2,733.7 crore, up from ₹1,737.4 crore in FY23.