Bengaluru-based on-demand logistics startup Porter is in the final stages of raising $100–110 million (around ₹900 crore) from both existing and new investors. With this, the total capital raised in its ongoing extended funding round will reach $300–310 million (₹2,700 crore), making it one of the largest fundraises by a venture-backed company in India this year, according to people familiar with the matter.
Sources said that current investor Vitruvian Partners, venture capital fund Elev8 Partners, and a group of prominent Mumbai-based stock market investors will participate in this round.
Back in May, Porter had secured $200 million (₹1,700 crore) in a round led by private equity players Kedaara and Wellington Management, which valued the company at $1.2 billion (₹10,500 crore). One of the sources added that the ongoing extension is being raised at a similar valuation.
“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 the current round, PixelSky Capital—a secondaries-focused firm set up by investment bank IndigoEdge—has acquired a small stake in Porter, according to earlier reports. In such secondary transactions, new investors purchase shares from existing shareholders, and the proceeds do not flow into the company.
In this round, early investors including Lightrock and Kae Capital are selling portions of their holdings. Navin Honagudi, a former partner at Kae Capital until 2022, founder of Elev8 Partners, which is now investing in Porter.
“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 tranche of the round, Peak XV Partners, one of Porter’s early backers, made a complete exit, reaping a return of over 10x on its initial investment of ₹110–120 crore.
Founded in 2014 by Uttam Digga, Pranav Goel, and Vikas Choudhary, Porter provides intra-city logistics services through mini-trucks and two-wheeler deliveries, with a strong focus on micro, small, and medium enterprises (MSMEs).
The company now operates across 22+ cities in India and has diversified into the peer-to-peer parcel delivery segment—an area once dominated by Dunzo but now increasingly contested by players like Rapido and Uber.
Porter achieved profitability in FY 2024–25, with revenue surging more than 50% year-on-year to cross ₹4,000 crore, one of the sources noted. While the firm has not yet filed its latest financials with the Registrar of Companies, the revenue growth has fueled its valuation, which has more than doubled since 2021, when Tiger Global led a round valuing it at $500 million.
For FY 2023–24, Porter posted operating revenue of ₹2,766 crore, while its net loss narrowed to ₹96 crore from ₹175 crore in the prior year. The company also saw a leadership transition in August 2023, with Uttam Digga stepping in as CEO, while Pranav Goel assumed the role of vice chairman.
