Logistics startup Porter set to close extended funding round of upto $300 million: sources

Bengaluru-based on-demand logistics platform Porter is in advanced stages of closing a $100-110 million (about Rs 900 crore) funding from existing and new investors, taking the total investment in the company during the extended ongoing round to $300-310 million (Rs 2,700 crore), among the largest for a venture-backed company in the country this year, said people with knowledge of the matter.

Existing backer London-based private equity firm Vitruvian Partners, venture capital firm Elev8 Partners and some prominent Mumbai-based stock market investors are readying to pick up stakes in the logistics platform in this round, they said.

In May, Porter had announced a $200-million (around Rs 1,700 crore) round, led by private equity firms Kedaara and Wellington Management, which valued the company at $1.2 billion (approximately Rs 10,500 crore). The extended funding is coming in at a similar valuation, said one of the persons, who did not wish to be identified.


“Including the extended portion the overall round size will be around $300-310 million… of this around $250-260 will be through secondary transactions, while approximately $50 million (around Rs 450 crore) will be raised by Porter as primary capital,” the person added.

As part of this round, PixelSky Capital, the secondaries focused firm launched by investment bank IndigoEdge, picked up a small stake in Porter, ET had reported earlier.

In secondary deals, new investors buy shares from existing ones and the money does not go into the company’s accounts. Investors including Lightrock and Porter’s early backer Kae Capital are offloading their stakes in the company in this round. Notably, Elev8 Partners, which is picking up a stake in Porter, was founded by Navin Honagudi, who was a partner at Kae Capital until 2022.

“Porter has turned profitable and is aiming to go public over the next 12-15 months… several prominent pre-IPO (initial public offering) and public market investors have joined the company’s cap table in this round,” said a second person.

In the earlier part of the round, Peak XV Partners, another early investor, fully exited its position — garnering more than tenfold return on its Rs 110-120-crore investment.

Queries emailed to Porter, Vitruvian Partners and Elev8 Partners did not elicit a response till press time.

Founded in 2014 by Uttam Digga, Pranav Goel and Vikas Choudhary, Porter offers intra-city logistics solutions, including mini-trucks and two-wheeler deliveries, primarily catering to micro, small and medium enterprises.

The platform has expanded to more than 22 cities in India and has also ventured into the peer-to-peer parcel delivery segment. The segment, once dominated by Dunzo, is now seeing competition from players such as Rapido and Uber.

Porter turned profitable in 2024-25, with revenue surge more than 50% year-on-year to cross Rs 4,000 crore, according to one of the persons cited earlier. The company has yet to file its financials with the Registrar of Companies. However, the sharp increase in its revenue reflects in its valuation growth, which has more than doubled from $500 million in 2021 when Tiger Global led a funding round.

For 2023-24, Porter reported operating revenue of Rs 2,766 crore, while its net loss reduced to Rs 96 crore from Rs 175 crore in the previous fiscal. It underwent a leadership change in August 2023, with Digga taking over as CEO from Goel, who became vice chairman.

Meanwhile, urban mobility startup Rapido is also in discussions to raise $300 million, led by existing backer Prosus, at a pre-money valuation of $2.7 billion. Wealth management and stockbroking startup Groww had raised $200 million in June for its pre-IPO round led by Singapore’s sovereign wealth fund GIC, which valued the company at $7 billion.

Porter, along with Groww, Rapido, Meesho, Urban Company and PhysicsWallah were nominated for The Economic Times Startup Awards 2025 in the Startup of the Year category.