Porter has recently become a unicorn with internal funding. The company provides transportation solutions to its clients by offering vehicles like tempo, bikes, or mini trucks for business parcel delivery. 2024 marks Portel as the third unicorn of the year. Following its strategies, the company touched the valuation of $1 billion in its last round. As per details, the round was run internally with family and friends. The company becomes a unicorn as it is a private company, touching the valuation of $1 billion. Krutrim and SaaS are the other two unicorns of 2024.
Porter Becomes Unicorn With Its Latest Internal Funding Round
Porter recently had an internal funding round. Under this, the company raised Rs. 25 Crores from the shares at a valuation of $ 1 billion. People know the company for the nine funding rounds it raised. The company doubled its valuation during the current round. Starting from $514 million in the previous round, the valuation touched $1 billion in this round. The company had its earlier round as a series E round. The following investors were present in the funding round:
- Tiger Global
- Vitruvian Partners
- Light rock India
The company raised around $150 million and is shining bright in the industry with its performance. As several companies in the market are facing difficulties in their growth, Porter manages an increase in the revenue from operations. The company’s revenue from operations for FY22 was Rs. 848 Crores, while the current revenue from operations was Rs. 1,758 Crore in FY23.
Poter is solving the transportation problems of several businesses. The unicorn is now planning further expansion. Porter showed the actual potential of their business. In the nine rounds, the company raised more than $150 million. The company used its funding for expansion and other important aspects. The company has a loss of Rs. 175 Crores at the moment. It will turn profitable in the coming years.
Thus, Porter became a uniform company after a decade in the industry. Starting in 2014, the company is now the largest Intra-City Logistics Marketplace. They are now leading their space. More is expected from their side in the coming years. The company is blessed with good opportunities and a hardworking team that made their dream possible. Porter is the company’s brand name for SmartShift Logistics Solutions Pvt. Ltd. Its headquarters are in Bangalore, India. Serving more than 50 lakh customers, the company is focused on further expansion.