SUMMARY
The move will enable all its current and former employees to sell their eligible options at 50% more than the last liquidation valuation
This is the second consecutive year that Porter has announced an ESOP liquidation scheme for its employees
In January 2022, the intra-city logistics platform announced its maiden ESOP liquidation plan worth of $5 Mn
Bengaluru-based logistics platform Porter has announced Employee Stock Ownership Plan (ESOP) liquidation scheme totalling worth INR 50 Cr for its current and former employees.
The move will enable all current and former employees to sell their options at 50% more than the last liquidation valuation. The company did not give a breakdown of how many employees are eligible for the scheme.
“This round of ESOP is yet another testimony of Porter’s gratitude and appreciation for the significant endeavours by our current and former employees in building the company. We aim to incentivise our employees keeping in mind their growth and well-being including financial growth,” CFO Pankaj Shroff said.
This is the second consecutive year that Porter has announced an ESOP liquidation scheme for its employees. Last year, the intra-city logistics platform had announced its maiden stock plan liquidation plan to the tune of $5 Mn.
Founded in 2014 by Pranav Goel, Uttam Digga and Vikas Choudhary, Porter operates an end-to-end logistics platform that caters to both users and businesses. Backed by marquee names such as Tiger Global and Lightrock, the startup has so far raised $ 131.9 Mn across seven funding rounds.
The startup had last raised INR 750 Cr in a Series E funding round from Tiger Global Management, Vitruvian Partners and other investors in October 2021. The startup recently expanded its footprint to Dubai
Porters operates in the highly competitive Indian logistics space. The space is populated by big names such as listed unicorn Delhivery, Xpressbees, and Moglix.
In India, the logistics industry is marred by heavy losses and high cost of movement. Despite this, the country’s logistics sector is estimated to be about 14.4% of India’s GDP. According to Statista, the homegrown logistics market was pegged at around $250 Bn in 2021. This number is projected to soar to $380 Bn by 2025.
