India 'sees' its third unicorn of 2024 in logistics services platform Porter
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.
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NEW DELHI: 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.