India’s tech ecosystem, homegrown logistics services platform Porter has emerged as the country’s third unicorn of 2024, marking a substantial milestone in the logistics industry’s growth trajectory.
Sources reveal that Porter achieved unicorn status following a fresh internal round of funding, wherein key individual investors acquired shares from the company’s employee stock ownership plan (ESOP) pool. This strategic move propelled Porter’s valuation to an impressive $1 billion, solidifying its position as a formidable player in the market. Before Porter’s ascent, India witnessed the birth of two unicorns in 2024—Krutrim AI by Ola and fintech firm Perfios—amidst a backdrop of global economic slowdown.
Renowned investors such as Tiger Global, Peak XV Partners, Lightrock, and the Mahindra Group have shown confidence in Porter’s potential by injecting capital into the platform. Founded in 2014 by Pranav Goel, Uttam Digga, and Vikas Choudhary, Porter initially launched as an on-demand marketplace for trucks, bikes, and packers & movers, catering to both intra-city and inter-city logistics needs.
With operating revenue exceeding Rs 1,700 crore in FY23, Porter has demonstrated robust growth and financial performance. Despite the challenges posed by the global economic landscape, the company remains steadfast in its commitment to delivering top-notch logistics services. Porter’s revenue model revolves around providing transportation services for goods, securing approximately $150 million in funding to date. The platform’s success underscores the resilience and potential of India’s logistics sector, contributing significantly to the country’s tech startup ecosystem, which garnered over $1.6 billion in total funding during the first quarter of the year.
