Porter Logistics Surges 56% in Revenue, Becomes Third Indian Unicorn
Porter, a leading Indian logistics startup, has witnessed remarkable growth. Its operating revenue surged 56% year-on-year to Rs 2,733.7 crore in FY24. The company also reduced its net loss by 45% to Rs 95.7 crore during the same period. This news comes as Porter becomes the third Indian logistics unicorn this year, following Netradyne and Juspay.
Founded in 2014, Porter specializes in intra-city logistics and last-mile delivery services. It operates in a competitive market, facing rivals such as Shadowfax, Delhivery, Rapido, Uber, and Pidge. Despite this, Porter has raised approximately $132 million from investors like Tiger Global and Kae Capital.
In a significant development, the Competition Commission of India (CCI) has given the green light to Kedaara Capital's proposal to acquire a stake in Porter. This acquisition, valued at around $1.2 billion, was co-led by Kedaara Capital and Wellington Management in Porter's Series F funding round. Porter's digital freight network caters to both businesses and individual consumers, offering real-time tracking and proactive notifications.
Porter's impressive financial performance and recent investment highlight its growing influence in India's hyperlocal and short-haul logistics sector. With the CCI's approval, Kedaara Capital's stake acquisition further strengthens Porter's position, paving the way for potential expansion and innovation in the competitive logistics market.
