Tiger Global-backed Porter becomes a unicorn following secondary share sale

(From left) Porter founders Vikas Choudhary, Uttam Digga, and Pranav Goel / Photo credit: Porter

Porter, an India-based logistics startup, recently conducted a friends and family funding round, in which the startup was valued at US$1 billion, Moneycontrol reported. In the fundraise, around 15 to 20 individuals purchased secondary shares from Porter’s ESOP pool.

The company was last valued at US$500 million in its 2021 series E round, whose investors included Tiger Global and Peak XV Partners.

The report noted that for secondary share transactions, it is rare to charge a higher share price compared to institution-led rounds. However, Porter had also conducted a similar friends and family round in early 2023, during which it was valued at US$700 million.

Still, it appears that the premium may be a reflection of Porter’s recent performance. The company noted that its revenue reached US$21.1 million in 2023, up from US$10.2 million the previous year.

A source told Moneycontrol that Porter’s annual recurring revenue has grown 3x to 4x since its last ESOP liquidation.

An intra-city logistics startup, Porter began with building a truck driver network before broadening its operations to using two-wheelers. Additionally, it has collaborated with insurance firms and non-banking financial companies to provide short-term loans and vehicle insurance to its driver partners.

Since its 2014 launch, the company has raised a total of about US$150 million. Other investors include Kae Capital, Lightrock, and Mahindra Group.

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