Porter Restructures Leadership Team, Names Uttam Digga As CEO

SUMMARY

Previously, Digga held the position of chief operating officer, a role which the startup has decided to dissolve

As part of the rejig, current CEO Pranav Goel has transitioned to the role of executive vice chairman

Goel, in his new role, will assist Digga and the others drive financial metrics and shape the startup’s strategy

Tiger Global-backed logistics startup, Porter, has restructured its leadership team, with cofounder Uttam Digga assuming the role of CEO. Previously, Digga held the position of chief operating officer, a role which the startup has decided to dissolve.

As part of the rejig, current CEO Pranav Goel has transitioned to the role of executive vice chairman.

The startup’s chief technology officer Shruti Ranjan Satapathy has also got additional responsibilities as its chief product and technology officer.

“We now embark on a new chapter of exponential growth and expansion and there could be no better time than now to make some strategic leadership role realignments,” Goel said.

He further added that in the new role, he will be assisting Diga and the other leadership team members to drive financial metrics and shape the startup’s strategy.

Founded in 2014 by Pranav Goel, Vikas Chaudhary, and Uttam Digga, Porter has been one of the crucial names in the logistics sector with its on-demand marketplace for trucks, bikes and Packers and Movers. The startup is backed by the likes of Tiger Global, Peak XV Partners, and the Mahindra Group.

Porter posted a loss of INR 122 Cr in the financial year 2021-22 (FY22), owing to Covid-19 and the lockdown. Porter’s operating revenue jumped 2.6X to INR 847.7 Cr in FY22 from INR 322.2 Cr in FY21.

In its FY22 filings, the startup said that it launched operations in new cities, including Lucknow, Jaipur, Indore, Coimbatore, Chandigarh, and Nagpur, during the year to add to Bengaluru and Delhi NCR, where it already had a presence.

Earlier in January, the startup liquidated ESOPs with a total value of INR 50 Cr for its current and former employees. Though the startup did not clarify how many employees are eligible under the scheme, it mentioned that the ESOP holders will be able to sell their options at 50% more than the last liquidation valuation.

Last year, Bengaluru-based COGOS Technologies acquired Porter’s FMCG modern trade business for an undisclosed amount. As a result, the subsidiary’s workforce, customer base, and vendors moved to COGOS.