Porter, the on-demand intra-city logistics platform, has raised USD 200 million (~INR 1,708 crore) in its Series F round led by Kedaara Capital and Wellington Management. The funding values the Bengaluru-based startup at USD 1.1 to 1.2 billion (~INR 10,251.02 crore), making it India’s second unicorn of 2025 after Netradyne.
The latest round is a big milestone for Porter, the company has raised USD 100 million (~INR 855 crore) in Series E round in October 2021 at USD 500 million (~INR 4,271 crore) valuation. The company founded in 2014 by Pranav Goel, Vikas Chaudhary and Uttam Digga has doubled its valuation and become a key player in India’s fragmented logistics market. Recent trends indicate that the company, having completed its Series F funding round, is likely to launch its IPO in the near future. We can expect Porter IPO soon.
Deal Structure and Investor Participation
The Series F round was a mix of primary and secondary transactions, with USD 50-80 million (~INR 683 crore) raised through primary investment and USD 120-150 million (~INR 1,281 crore) through secondary share sales. Existing investor Vitruvian Partners participated while early investors Peak XV Partners and Kae Capital made partial exits due to fund lifecycle management.
IndigoEdge was the exclusive financial advisor to Porter on the transaction.
Operational Growth and Financial Performance
Porter operates in 22 Indian cities and has expanded to 2 international markets, serving over 3 million monthly customers and engaging with around 3,00,000 gig workers. With the new capital, the company plans to:
- Expand to more Indian cities
- Enhance technology infrastructure
- Strengthen workforce
- Build green, sustainable logistics solutions
- Support and empower over 1 million gig workers
On the financial front, Porter reported a net loss of INR 95.7 crore in FY24, down from INR 174.6 crore in FY23, a 45% reduction in losses. Operating revenue grew 56% to INR 2,733.7 crore, indicating stronger unit economics and reduced cash burn.
Industry Impact and Market Position
Porter’s unicorn status comes at a time of global venture capital slowdown with India producing only two unicorns in 2025 so far. But Porter’s execution, tech-driven scalability and focus on underserved segments like MSMEs and gig workers has resonated with investors.
“Porter has built a tech-first, asset-light platform that delivers seamless, reliable logistics solutions at scale,” said Anant Gupta, Partner at Kedaara Capital. “Their deep market understanding and customer focus has created significant network advantages” Ashutosh Sardesai, Director at Kedaara Capital.
Prakhar Singh, Asia sector lead at Wellington Management said, “Porter is reorganizing a fragmented market from the inside out and driving efficiency for MSMEs and gig workers.”
Leadership Vision
CEO Uttam Digga said, “We remain committed to making urban logistics more efficient, intelligent and inclusive. This funding gives us the momentum to scale sustainable solutions and empower the communities we serve.”
The company, which counts Tiger Global, Lightrock, and Vitruvian Partners among its investors, now stands alongside industry peers such as Delhivery, Ecom Express, and Blue Dart in shaping India’s USD 357.3 billion logistics market, projected for 2030.
Conclusion
Porter Series F funding round not only underlines investor confidence in India’s logistics tech sector but also underscores the company’s pivotal role in transforming urban transport infrastructure. As the startup eyes further expansion and innovation, it sets a strong precedent for growth-oriented, impact-driven businesses in a cautious funding climate.
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