Latest Startup News: Hyperlocal logistics startup Porter is reportedly in advanced discussions to raise an additional $100 Mn to $110 Mn in an extended Series F funding round. If completed, the fresh infusion would take the company’s total funding in this round to $300 Mn–$310 Mn.
Valuation and Structure of the Deal
Sources indicate that the extended raise will happen at the same valuation as its May 2024 round, when Porter secured $200 Mn at a $1.1 Bn–$1.2 Bn valuation.
Of the total capital being raised, around $250 Mn is expected via secondary transactions, while approximately $50 Mn will come as fresh fund infusion.
Key Investors and Past Exits
The previous $200 Mn Series F round was led by Kedaara Capital and Wellington Management, with participation from Vitruvian Partners. During the same round, early investor Peak XV Partners made a complete exit, pocketing close to INR 1,200 Cr against its initial investment of around INR 116 Cr.
Company Background and Services
Founded in 2014 by Pranav Goel, Vikas Chaudhary, and Uttam Digga, Porter operates across 23 Indian cities with a fleet of more than 750,000 driver-partners. The company offers:
Porter claims to have served over 3 Mn customers, including 2 Mn SMEs (small and medium enterprises).
Future Roadmap and Expansion Strategy
The unicorn has set ambitious targets, aiming to grow its SME customer base to 10 Mn+ by 2030 and increase driver-partners to 1.2 Mn. Porter also plans to strengthen its sustainability initiatives by incorporating more electric vehicles (EVs) into its fleet.
IPO and Public Market Plans
Reports suggest that Porter is preparing for a potential IPO within the next 12–15 months. Such a move would help the company expand its brand positioning and attract more institutional capital.
Financial Performance in FY24
In the financial year ending March 2024 (FY24), Porter reduced its net loss by 45% to INR 95.7 Cr, down from INR 174.6 Cr in FY23. At the same time, its operating revenue surged 56% to INR 2,733.7 Cr, compared to INR 1,737.4 Cr in the previous fiscal year.
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Competitive Landscape in Logistics
Porter is competing in India’s rapidly expanding logistics and hyperlocal delivery market, where it faces strong rivals such as Shiprocket, Borzo, Uber, and Rapido. Analysts note that with fresh funding and an EV-driven expansion strategy, Porter could strengthen its leadership in India’s logistics startup ecosystem.
Disclaimer
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