Logistics Startup Porter Becomes Unicorn, Closes Internal Funding

Porter, a logistics services company funded by Tiger Global, has become a unicorn following the completion of a new friends and family round in which investors purchased stock from the employee stock ownership plan (ESOP) pool at a $1 billion valuation, Moneycontrol reported.

After B2B SaaS startup Perfios and AI startup Krutrim, Porter is the third unicorn of the year.

Porter's valuation has doubled since the round's closing compared to the $500 million it raised in its 2021 fundraising.

Porter has serviced over 1.5 crore customers across 20 cities in India, with a workforce of 2,600 employees.

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The company was founded in 2014 and has raised over $150 million in total from investors, including Lightrock, the Mahindra Group, Tiger Global, Peak XV Partners, and Kae Capital.

Porter, the last-mile logistics company with the fastest rate of growth, increased its footprint in multiple cities both nationally and globally. With more than 7.5 million committed driver partners supporting a devoted client base of more than 15 million, its fleet size is impressive.

About Porter

Founded by Pranav Goel, Uttam Digga & Vikas Choudhary, Porter has disrupted various domains of logistics by launching an on-demand marketplace for trucks, bikes, Packers & Movers, and intercity courier services.

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