Logistics Startup Porter Achieves Unicorn Status Following Internal Funding Round

Porter, a homegrown logistics startup, has officially joined India’s Unicorn Club after an internal funding round, making it the third unicorn of the year. According to sources, friends and family acquired shares directly from the company’s employee stock ownership plan (ESOP).

First reported by Moneycontrol, the funding round involved 15-20 individuals purchasing shares worth Rs 25 crore, valuing the company at over $1 billion. Earlier this year, fintech firm Perfios and Ola’s AI venture Krutrim also achieved unicorn status. As of early May, India had 113 unicorns, according to Tracxn.

Porter, backed by PeakXV, was previously valued at $514 million following a $101 million Series E round with investors including Tiger Global, Vitruvian Partners, and Lightrock India. To date, the company has raised $150 million across nine rounds, Tracxn data shows.

The emergence of Porter as a unicorn comes amid a challenging period for Indian startups, characterized by a slump in late-stage funding and a rise in down-rounds. Nearly 20% of large venture capital deals in 2023 and up to April this year have experienced significant valuation reductions, the highest rate since 2015, according to Pitchbook data.

Founded by Pranav Goel, Uttam Digga, and Vikas Choudhary, Porter provides last-mile delivery services using light commercial vehicles. In FY23, the company reported a twofold increase in revenue from operations, reaching Rs 1,753.8 crore compared to Rs 848 crore in FY22. However, losses also widened by 43% to Rs 175 crore.

Porter declined to comment on the recent developments.

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