BENGALURU: Logistics startup Porter has raised $200 million in a Series F funding round led by Kedaara Capital and Wellington Management. The funding values the firm at about $1.2 billion. In its last fundraising round, the company entered the unicorn club.
The latest round included a mix of primary investment in the company and secondary exits to a few existing shareholders.
With this fresh capital, the company is set to expand operations across multiple cities, with the goal of reaching millions of MSMEs and enabling opportunities for over 1 million gig workers.
Uttam Digga, Co-Founder & CEO, Porter, said, “Since our inception, we have been committed to making urban logistics more efficient, intelligent, and inclusive — supporting MSMEs, empowering gig workers, and strengthening the communities we serve."
Anant Gupta, Partner, and Ashutosh Sardesai, Director, at Kedaara Capital, said, “In a largely unorganized and underserved market, Porter has built a tech-first, asset-light platform that delivers seamless, reliable logistics solutions at scale."
Founded in 2014, Porter plans to channel the capital into team expansion, technological development and operational excellence.
Shailesh Lakhani, MD, Peak XV, said, "When our journey started with Porter 10 years ago, the company was one amongst many in local goods transport. Today the company is the market leader, and more importantly has made the process of sending goods reliable, more efficient and transparent in cities in India and now abroad.”
Porter has completed 10 years in business and is currently operational across 22 cities in India and two countries.