Porter Becomes Second Unicorn Of 2025

SUMMARY

The $200 Mn funding round valued the startup at $1.1 Bn to $1.2 Bn, making it the second unicorn of 2025 after Netradyne

While Porter raised $50 Mn to $80 Mn in the funding round via primary transaction, secondary deals accounted for $120 Mn to $150 Mn

Porter posted a net loss of INR 95.7 Cr in FY24 on an operating revenue of INR 2,733 Cr

Hyperlocal logistics startup Porter has become the second unicorn of 2025 after raising funding in its Series F round.

The round, which was a mix of primary and secondary deals, was led by Kedaara Capital and Wellington Management. It also saw participation from existing investor Vitruvian Partners.

While the startup did not disclose the funding amount, sources told Inc42 that the size of the round was $200 Mn and valued the startup at $1.1 Bn to $1.2 Bn. With this, Porter became the second unicorn this year after Netradyne.

Porter raised $50 Mn to $80 Mn in the funding round via primary transactions, while secondary deals accounted for $120 Mn to $150 Mn.

Peak XV Partners made a partial exit via the round due to fund lifecycle and portfolio management considerations. Besides, Kae Capital also diluted its stake in the startup.

Porter said it would use the fresh capital to expand into more cities, support MSMEs, and create opportunities for over 1 Mn gig workers.

Besides, it will channel the funds towards team expansion, technology development, and operational improvements, while keeping the sustainability part intact.

The startup last raised nearly $100 Mn in its Series E funding round in October 2021 at a valuation of $500 Mn.

Founded in 2014 by Pranav Goel, Vikas Chaudhary, and Uttam Digga, Porter provides transportation services through its own fleet of over 7.5 lakh drivers in more than 22 cities. It offers services like on-demand goods transport, packers and movers, courier services, among others.

The startup counts the likes of Tiger Global and Lightrock among its investors. It competes with the likes of Shadowfax, Dunzo, Swiggy Genie, and Pidge.

On the financial front, Porter’s net loss declined 45% to INR 95.7 Cr in FY24 from INR 174.6 Cr in the previous fiscal year on the back of lower cash burn. Operating revenue zoomed 56% to INR 2,733.7 Cr during the year under review from INR 1,737.4 Cr in the previous fiscal year.

It also joined the ONDC bandwagon last year to meet the growing demand for hyperlocal deliveries.

Porter, along with Delhivery, Ecom Express, Delhivery, Blue Dart, and Gati, provides services in the Indian logistics market, which as per a report, is expected to reach a market size of $357.3 Bn by 2030.

[With Inputs From Debarghya Sil]