Porter To Raise Additional $100 Mn In Extended Series F Round: Report

SUMMARY

The additional capital will take the total funding in the Series F round to $300 Mn to $ 310 Mn

The fresh capital is being raised at a valuation of $1.1 Bn to $1.2 Bn, same as during the $200 Mn fundraise in May

Of the total funding, around $250 Mn would be raised via secondary transactions and $50 Mn would be fresh fund infusion

Months after it entered the unicorn club, logistics giant Porter is reportedly in advanced stages of raising an additional $100 Mn to $110 Mn in its extended Series F funding round.

The additional capital will take the total funding under this round to $300-$310 Mn, ET reported, citing sources. In May, Porter raised $200 Mn in its Series F round at a unicorn valuation of $1.1 Bn to $1.2 Bn. The report said that the additional funding is also being raised at the same valuation.

Of the total funding, around $250 Mn would be raised via secondary transactions and $50 Mn would be fresh fund infusion, the report added.

Inc42 has reached out to Porter for a comment on the development. The story will be updated on receiving responses.

Porter’s $200 Mn funding was led by Kedaara Capital and Wellington Management, with participation from existing investor Vitruvian Partners.

Porter’s early backer Peak XV Partners fully exited the company with a payout close to INR 1,200 Cr on a total investment of around INR 116 Cr as a part of secondary transactions in the Series F round.

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 23 cities. It offers services like on-demand goods transport, packers and movers, courier services, among others. The startup claims to cater to more than 30 Lakh customers, including 20 Lakh SMEs.

It is looking to expand its SME pool to 1 Cr+ by 2030, increase the number of driver-partners to 12 Lakh and push for its sustainability goal by incorporating more electric vehicles (EVs) into its network.

The hyperlocal logistics giant is said to be looking to hit the public market in the next 12-15 months.

On the financial front, Porter managed to cut its net loss by 45% to INR 95.7 Cr in the financial year ended in March 2024 (FY24) from INR 174.6 Cr in the previous fiscal year. 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.

Porter competes with the likes of Shiprocket, Borzo, Uber, Rapido, among others.