Porter, a Bengaluru-based on-demand logistics platform, has raised $200 million in its Series F funding round led by Kedaara Capital and Wellington Management, with participation from existing investor Vitruvian Partners.
The fresh capital values the company at $1.2 billion, up from its previous $1-billion valuation.
The deal reportedly includes $50-80 million of primary investment, while the remaining $120-150 million represents secondary exits for existing shareholders. Early backers Peak XV Partners (formerly Sequoia Capital India) and Kae Capital have fully exited in this round.
Porter plans to use the capital for geographic expansion and increasing its partner network to over 1 million gig workers.
“With this, we look forward to accelerating our growth and building world-class, sustainable logistics solutions,” said Uttam Digga, co-founder & CEO, Porter.
With the latest round, Porter’s total funds raised stands at around $250 million. The company had reportedly turned unicorn last year, when an ESOP buyback valued it at $1 billion.
“In a largely unorganised and underserved market, Porter has built a tech-first, asset-light platform that delivers seamless, reliable logistics solutions at scale,” said Anant Gupta, partner at Kedaara Capital.
Shailesh Lakhani, MD at Peak XV, which is exiting after a decade-long investment, said, “In the journey, their name has become a verb and to say ‘I am Portering it’ means the goods will be there soon.”
In FY24, the company reported a 56% increase in revenue to Rs 2,733.8 crore, building on a doubling of revenue to Rs 1,753.8 crore in FY23. It also managed to narrow losses by 45% to Rs 95.7 crore during the fiscal from Rs 174.6 crore in FY23. The company, which hasn’t filed its FY25 results as of yet, had earlier said that it is on track to turn profitable by the end of the fiscal.
The company, which offers intra-city transport, packers and movers, and enterprise logistics solutions, serves 3 million customers through 300,000 gig workers monthly across 22 cities in India. It also marked its first overseas expansion in 2023, with an entry into the United Arab Emirates (UAE).
IndigoEdge acted as the exclusive financial adviser on this transaction.
