Homegrown logistics services platform Porter is set to become India's third unicorn of the year, having topped the valuation of over $1 billion after a recent internal funding round.
As per insiders, the new round saw key individual investors acquiring shares from the ESOP (employee stock ownership plan) pool of Porter, thus taking the valuation of the company to the unicorn mark of $1 billion.
The company refused to comment on the market gossip, stating: "We do not comment on market speculation as a company policy."
With the global economic slowdown, India has so far welcomed only two other unicorns this year - Ola's Krutrim AI and Perfios, the fintech firm. It also saw participation from marquee investors, including Tiger Global, Peak XV Partners, Lightrock, and the Mahindra Group.
The startup, founded in 2014 by Pranav Goel, Uttam Digga, and Vikas Choudhary launched an on-demand marketplace for trucks, bikes, and packers & movers, and then rose to become a significant player in the logistics industry with its wide gamut of intra-city and inter-city services.
Bengaluru-based company saw operating revenue cross Rs 1,700 cr in FY23. The results for FY24 are yet to be announced.
The company generates its revenue from offering services for the transportation of goods. It has raised about $150 million in funding to date.
In the first quarter this year, the Indian tech startup ecosystem saw more than $1.6 billion in total funding.
