Porter seeks $100M from private equity
Porter, an Indian intra-city logistics startup, is reportedly seeking to raise $100 million from private equity firms, aiming for a valuation between $1.1 billion and $1.2 billion. This funding round is expected to include both primary and secondary share sales, with potential investors such as Kedaara Capital, Multiples, and Peak XV showing interest. The company has previously raised $150 million from investors like Tiger Global, Peak XV Partners, the Mahindra Group, and Lightrock, and was last valued at $500 million in 2021.
Founded in 2014 by Pranav Goel, Uttam Digga, and Vikas Choudhary, Porter offers a logistics platform to assist businesses with last-mile delivery operations. The company plans to use the new funds to expand its domestic presence from 22 to nearly 40 cities over the next 3-4 years and to explore international markets beyond Dubai, where it launched operations last year.
The Indian logistics sector is growing at an annual rate of 10–12%, contributing 14.4% to India’s GDP and employing over 20 million people. The intra-city logistics market is expected to grow at a compound annual growth rate (CAGR) of more than 5% in the coming years.
Porter’s revenue more than doubled to ₹1,754 crore in FY23 from ₹848 crore in FY22. The company has also improved its operating cash outflows by 48.5%, reducing them to ₹96.7 crore in FY24.
