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Porter Joins Unicorn Club; Third Startup to Turn Unicorn this Year!

Porter Joins Unicorn Club

Logistics services Provider Porter is the new addition to India’s unicorn list. The news broke out after they raised a fresh internal round of funding valuation at $1 Billion. Around 15-20 people from the team bought shares worth 25 crores in the company. This marks Porter’s second friends and family round within about a year. In the January-March quarter of 2023, the company sold shares worth ₹7-8 crore to friends and family, valuing the company at $700 million.

Porter started off as a platform to address inefficiencies in the last-mile logistics sector and transform the way goods are transported around cities, enabling lakhs of businesses to move anything on demand. They have grown manifold since then, delivering happiness to a growing list of 19 cities.

Porter’s valuation has doubled since its last funding round, which closed at $500 million in 2021. Founded in 2014, the company has raised over $150 million in total from investors such as Lightrock, the Mahindra Group, Tiger Global, Peak XV Partners, and Kae Capital.

In 2021, Porter secured ₹750 crore in a Series E funding round led by Tiger Global Management and Vitruvian Partners, with participation from existing investors Sequoia Capital and Lightrock India.

Presently, there are about 106 unicorns in India. Porter is the third unicorn this year on the list after AI startup Krutrim and B2B SaaS company Perfios.

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