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Logistics startup Porter eyes more small cities for growth

Livemint

Livemint · 9m ago

Logistics startup Porter eyes more small cities for growth

Bengaluru-based logistics startup Porter plans to double its presence in India to nearly 40 cities over the next 3-4 years. The company offers a logistics platform for last-mile delivery operations to businesses and has seen significant growth, with revenue increasing by 56% to over INR 2,700 crore in FY24. Porter is also expanding internationally and entered the Dubai market in 2020. Additionally, the company has launched new initiatives such as parcel delivery and home shifting services. Porter has raised $150 million in funding and became a unicorn earlier this year.

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Porter expects business to grow by 60% to Rs 3,000 cr, reach operational profit by Dec 2024

Money Control

Money Control · 1y ago

Porter expects business to grow by 60% to Rs 3,000 cr, reach operational profit by Dec 2024

Logistics startup Porter expects 60% revenue growth to around Rs 3,000 crore in the current financial year due to category expansion and increased operations. Backed by Tiger Global and Lightrock ventures, the company aims to achieve operational profitability by December 2024. Porter provides instant delivery of up to 20 kg, house shifting, and more in 19 cities. It has expanded into courier services and plans to target micro, small, and medium businesses, aiming for 8-10% of total revenue from the new vertical by 2028. The company's growth strategy involves both category and geographical expansion.

Porter Joins ONDC To Expand Its Hyperlocal Delivery Playbook

Inc42 · 11m ago

Porter Joins ONDC To Expand Its Hyperlocal Delivery Playbook

Porter has recently joined the Open Network for Digital Commerce (ONDC) to cater to the increasing demand for hyperlocal deliveries. With a fleet of over 750,000 drivers in 22 cities, the startup is focusing on expanding its two-wheeler fleet in tier-2 cities. Founded in 2014, Porter provides hyperlocal B2B and B2C logistics services, offering features like distance-based allocation, GPS tracking, and proactive notifications to its driver partners.

Porter joins unicorn club with $200 million funding round; valuation hits $1.2 billion

Economic Times

Economic Times · 3m ago

Porter joins unicorn club with $200 million funding round; valuation hits $1.2 billion

Porter, an on-demand logistics platform, has raised $200 million led by Kedaara Capital and Wellington Management, achieving unicorn status with a valuation between $1.1 billion and $1.2 billion. Founded in 2014, Porter offers intra-city logistics solutions across 22 Indian cities, focusing primarily on MSMEs. The funding involved significant secondary transactions, with early investors like Peak XV Partners exiting. Porter’s valuation surge follows substantial revenue growth, and its leadership transition sees Uttam Digga as the new CEO.

Logistics startup Porter recasts top management; cofounder Uttam Digga named CEO

Economic Times

Economic Times · 2y ago

Logistics startup Porter recasts top management; cofounder Uttam Digga named CEO

Logistics startup Porter undergoes a leadership reshuffle, appointing co-founder Uttam Digga as the CEO. The change aims to strengthen Porter's position in the competitive logistics sector and drive its growth. The company continues to focus on providing efficient on-demand logistics solutions while navigating leadership transitions.

Logistics unicorn Porter gets Series F cheques from Kedaara, Wellington Management

VCCircle

VCCircle · 3m ago

Logistics unicorn Porter gets Series F cheques from Kedaara, Wellington Management

Porter, an intra-city logistics startup, has completed its Series F funding round with contributions from Kedaara Capital and Wellington Management. Existing investor Vitruvian Partners also participated. The funding will be used to expand operations, enhance technology, and improve efficiency. Founded in 2014, Porter operates in 22 Indian cities, offering goods transport and relocation services. The company became a unicorn last year, and reported a revenue of Rs 2,733 crore for FY24, reducing its losses significantly.

Taking on Porter, Uber launches logistics service Courier XL for delivery of large goods

Economic Times

Economic Times · 2m ago

Taking on Porter, Uber launches logistics service Courier XL for delivery of large goods

Uber has launched Courier XL, a logistics service for large goods in Delhi NCR and Mumbai, with plans to expand further. Utilizing three and four-wheeler vehicles, it accommodates packages up to 750 kilograms, aiming at small businesses and households needing reliable large-item transport. The service is an extension of Uber Courier, a bike-based delivery service, now in 25 cities. Courier XL will compete with services like Porter and Delhivery in this growing market.

Exclusive: Porter turns profitable with over Rs 4,000 Cr revenue in FY25

Entrackr

Entrackr · 24d ago

Exclusive: Porter turns profitable with over Rs 4,000 Cr revenue in FY25

Exclusive: Porter turns profitable with over Rs 4,000 Cr revenue in FY25 After recording a 56% year-on-year growth in FY24, on-demand intra-city logistics platform Porter has delivered another strong performance in FY25, posting nearly 50% growth and turning profitable, according to three sources and some documents reviewed by Entrackr. Porter revenue from operations grew to 4,300 crore in the fiscal year ending March 2025 from Rs 2,734 crore in FY24, as per the documents. Porter provides a full-stack logistics platform to help businesses optimize their last-mile delivery operations. It generated 99% of its total operating revenue via the goods transportation services while the remaining came from platform fees and other operating activities. It primarily serves micro, small, and medium enterprises (MSMEs) and has expanded its presence to over 20 cities in India. According to the sources, the company managed to cut costs and reported a profit after tax (PAT) of Rs 54 crore in FY25. During FY24, the Bengaluru-based firm cut down its losses by 45% to Rs 95.7 crore. Queries sent to Porter on Monday did not elicit a response until publication of the story. We will update the story in case it responds. Porter has raised over $332 million to date, including its $200 million Series F round in May this year, with Kedaara Capital and Wellington Management leading the investment. Prior to this, the company secured $100 million led by Tiger Global in 2021. Soon after the unicorn round, Porter also provided an exit to its early backer Peak XV, which generated returns of over Rs 1,200 crore on an investment of Rs 116 crore. Porter earlier operated with minimal competition from VC-funded players, but the landscape has shifted with Uber, Delhivery, and Rapido (in the two-wheeler category) entering the space.

Porter crosses Rs 1,753 Cr revenue in FY23, losses surge 43%

Entrackr

Entrackr · 1y ago

Porter crosses Rs 1,753 Cr revenue in FY23, losses surge 43%

Bengaluru-based on-demand intra-city logistics company Porter experienced over two-fold growth in FY23, reaching a revenue of Rs 1,753.8 crore from Rs 848 crore in FY22. Despite the growth, the Tiger Global-backed firm reported a loss of Rs 175 crore in the same fiscal year. Porter, which offers a full-stack logistics platform, mainly generates income from goods transportation services. It managed to control expenses and improve its bottom line by 43.4%. Porter's vehicle running expenditure and employee benefits increased due to expansion, while advertisement and IT costs also rose.

CCI approves Kedaara Capital's proposal to acquire stake in Porter

YourStory

YourStory · 1m ago

CCI approves Kedaara Capital's proposal to acquire stake in Porter

The Competition Commission of India (CCI) approved Kedaara Capital's proposal to acquire a stake in Porter, an on-demand logistics firm based in Bengaluru. This follows a previous CCI approval for an investment from Wellington Management. Earlier, Porter raised $200 million in a Series F funding round, led by Kedaara and Wellington. The new funds will aid in expanding operations, team growth, and technological development. Early investors saw substantial returns from the investment round.

Porter looks to raise $100 million from private equity firms

Livemint

Livemint · 8m ago

Porter looks to raise $100 million from private equity firms

Private equity firms are planning to invest $100 million in Indian intra-city logistics platform Porter, in a deal that would value the company at $1.1-$1.2 billion. The funding round will consist of both primary and secondary share sales. Investors including Kedaara Capital, Multiples, and Peak XV are reportedly interested. Previously, Porter reached a valuation of $1 billion earlier this year. The company aims to expand its domestic reach to around 40 cities in the next few years and is also considering international expansion beyond Dubai. Porter's revenue grew 56% in FY24.

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