Porter In Talks To Raise $100 Mn In Fresh Funding: Report

Hyperlocal logistics startup Porter is reportedly in discussions with private equity firm Wellington Management and others for a fresh funding round.

A Mint report, citing sources familiar with the matter, said that the company is looking to raise $100 Mn (around INR 856.34 Cr) in a mix of primary and secondary sale.

The new round is also expected to boost Porter’s valuation between $1.2- 1.4 Bn, a source told the publication.

Inc42 has reached out to Porter and Wellington Management for comments on the development. The story will be updated based on the responses.

Porter, founded in 2014 by Pranav Goel, Vikas Chaudhary, and Uttam Digga, claims to provide distance-based allocation, GPS tracking, proactive notifications, and more, to empower its driver partners.

Since its inception, the startup has raised about $132 Mn total funding and counts Tiger Global, Peak XV, Lightrock and Kae Capital among its investors.

Porter competes with brands such as Shadowfax, Dunzo, Swiggy Genie, Pidge, among others.

The development comes at a time when India’s logistics sector has been witnessing a surge in its demand due to the growing online retail business models. Investors are banking on the potential of these players to scale up their operations and expand footprint.

Earlier this month, Gurugram-based cross border logistics startup Xindus raised $10 Mn. Prior to that, supply chain and warehousing startup Emiza closed its INR 100 Cr Series C funding round, in January.

Meanwhile, listed logistics service provider Delhivery has announced to the exchanges that it will acquire 99.4% stake in Ecom Express for INR 1,407 Cr in an all-cash deal.

On the financial side, Porter managed to narrow its net loss by 45% in the financial year ended March 31, 2024 to INR 95.7 Cr from INR 174.6 Cr in the previous fiscal year. Its operating revenue zoomed 56% to INR 2,733.7 Cr in FY24 from INR 1,737.4 Cr, a year ago.