Extended Series F to Take Total Funding to $310M
Months after entering the unicorn club, logistics giant Porter is preparing to raise an additional $100–$110 million in its extended Series F funding round. The new infusion will increase the total capital raised in this round to $300–$310 million, sustaining the company’s unicorn valuation of $1.1–$1.2 billion, according to ET sources.
Funding Breakdown: Fresh Capital and Secondary Transactions
Of this amount, around $250 million will come from secondary transactions, while $50 million will be fresh capital to accelerate growth initiatives. Porter’s Series F round in May, led by Kedaara Capital and Wellington Management, included the exit of early investor Peak XV Partners, who secured close to INR 1,200 crore on a total investment of approximately INR 116 crore. Existing investors Vitruvian Partners also participated.
Porter’s Operations and Growth Plans
Founded in 2014 by Pranav Goel, Vikas Chaudhary, and Uttam Digga, Porter operates a fleet of over 7.5 lakh drivers across 23 cities. It provides on-demand goods transport, courier services, and packers-and-movers solutions, serving more than 30 lakh customers, including 20 lakh SMEs. The company aims to expand its SME customer base to over 1 crore by 2030, increase its driver network to 12 lakh, and boost sustainability by incorporating more electric vehicles (EVs).
Financial Performance and Market Outlook
Porter cut its net loss by 45% to INR 95.7 crore in FY24 from INR 174.6 crore in FY23, while operating revenue rose 56% to INR 2,733.7 crore. The startup is reportedly eyeing a public listing in the next 12–15 months. Facing competitors like Shiprocket, Borzo, Uber, and Rapido, Porter continues to strengthen its leadership in India’s hyperlocal logistics market.
Explore more about Porter’s journey and India’s booming logistics ecosystem at StartupByDoc