IANS | 17 May, 2024
Homegrown logistics services platform Porter has likely become the
third unicorn (with valuation of $1 billion and above) in India this
year after a fresh internal round.
According to sources, the fresh round involved key individual
investors who bought stock from the employee stock ownership plan (ESOP)
pool of the logistics provider, taking its valuation at $1 billion.
The company told IANS in a statement: "We do not comment on market speculation as a company policy."
Before
Porter, India saw the birth of two unicorns -- Ola's Krutrim AI and
fintech firm Perfios — this year amid global slowdown.
Top investors like Tiger Global, Peak XV Partners, Lightrock and the Mahindra Group have infused money in Porter.
Founded
in 2014 by Pranav Goel, Uttam Digga and Vikas Choudhary, Porter
launched an on-demand marketplace for trucks, bikes and packers &
movers.
It is one of the leading logistics companies, providing a spectrum of intra-city and inter-city services.
Bengaluru-based company saw its operating revenue crossed Rs 1,700 crore in FY23. Its FY24 results are yet to be announced.
The
company generates revenue by offering services for transportation of
goods. It has secured about $150 million in funding to date.
In the first quarter this year, the Indian tech startup ecosystem received more than $1.6 billion in total funding.
