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Porter Revenue, Valuation, Funding & Investors
Porter is valued at $1.2B as of September 2025.
Last Porter valuation
$1.2B
Undisclosed stage · Sep 2025
Last Porter funding round
$25M
Undisclosed stage · Sep 2025
Porter revenue
$461M
Series E · Oct 2021
Key investors in Porter
Peak XV Partners
Kae Capital
Lightrock
Vitruvian Partners
Elev8 Venture Partners
Tiger Global
About Porter
Porter is a Mumbai-headquartered on-demand logistics provider operating in India with mini-trucks, tempos, electric vehicles, and two-wheelers for intra-city goods transport. Porter Enterprise handles bulk distribution and supply chain automation for businesses, while its Packers & Movers service covers residential relocations with packing support. Inter-city courier reaches thousands of pin codes via air and surface options.
Founded
2014
HQ
Website
Status
Privately held
Customer focus
B2B & B2C
Revenue model
Services
Revenue
$461M (Oct 2021)
Valuation
$1.2B (Sep 2025)
Porter Valuation
Porter is currently valued at $1.2B, based on its undisclosed-stage round in September 2025.
The $25M round was led by Elev8 Venture Partners.
Porter's valuation has grown 2.4x from $500M at its Series E in October 2021 to $1.2B in September 2025, across 3 priced rounds.
Porter valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Sep 2025 | Undisclosed stage | $1.2B | - |
| May 2025 | Series F | $1.2B | - |
| Oct 2021 | Series E | $500M | 1.1x |
Porter Revenue
Porter's latest recorded revenue is $461M, as of its Series E in October 2021. At a $500M valuation, that implies a 1.1x revenue multiple.
Porter revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Oct 2021 | $461M | $500M | 1.1x | Series E |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Porter Funding History
Porter has raised a total of $357M across 7 funding rounds.
Porter's first fundraising round was a $500K seed round in April 2015. The most recent completed round was a $25M undisclosed-stage round in September 2025.
Porter funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2025 | Undisclosed stage | Elev8 Venture Partners (lead) | $25M | $1.2B | Porter is an Indian logistics unicorn providing on-demand trucking and two-wheeler delivery services, competing with players like Rapido and Uber in local logistics while leading in truck services. In an extended Series F round, Porter raised $300-310 million total, starting with $200 million in May 2025 led by Kedaara Capital and Wellington Management at a $1.2 billion valuation, followed by an additional $110 million from Vitruvian Partners, Elev8 Venture Partners, and others. Elev8 Venture Partners, led by Navin Honagudi (formerly of early backer Kae Capital), invested $25-30 million as a new backer, with over 50% of the round as secondary share sales by Peak XV Partners and Kae Capital, and the rest as primary capital for expansion. Sources confirm Elev8's $25 million investment in September 2025 as a 'Series Unknown' round where it acted as lead investor, acquiring a small stake in the over-$1 billion valued company via regulatory filings. The funds aim to accelerate growth in two-wheeler logistics amid rising competition and strengthen truck services for sustainable solutions. Porter has raised over $230 million across multiple rounds from 13 investors including Tiger Global, Vitruvian, and Wellington. Porter was nominated for The Economic Times Startup Awards 2025 in the Startup of the Year category alongside Groww, Rapido, Meesho, Urban Company, and PhysicsWallah. |
| May 2025 | Series F | Kedaara Capital (lead); Wellington Management (lead); Vitruvian Partners | $200M | $1.2B | Porter, operated by Smartshift Logistics Solutions, is a Bengaluru-based on-demand logistics aggregator providing a multi-category platform for last-mile delivery, parcel transport, intercity relocation, and services primarily to MSMEs via a single app, connecting over 3 lakh driver partners with 20 lakh SMEs across more than 25 cities in India. In May 2025, Porter raised $200 million in a Series F funding round led by Kedaara Capital and Wellington Management, with participation from Vitruvian Partners, as part of an ongoing $300 million round valuing the company at $1.2 billion and achieving unicorn status. The company is in talks to raise an additional $100-110 million to extend the round and is eyeing an IPO within 12-15 months. For FY25 ended March 2025, Porter reported operating revenue of ₹4,306 crore, up 57-58% from ₹2,733 crore in FY24, driven by expansion into new categories and geographies, with a revenue-sharing model charging up to 30% of billed amounts. Total expenses rose 50% to ₹4,286 crore, with fleet operator costs at ₹3,679 crore and staff expenses at ₹285 crore, enabling the company to turn profitable with a consolidated net profit of ₹55 crore versus a ₹96-98 crore loss in FY24. EBITDA improved to ₹83.6 crore (1.94% margin) from an ₹80-112 crore loss in FY24, supported by non-operating income of ₹35 crore. Porter's valuation doubled from under $600 million in 2022 to $1.2 billion by September 2025, reflecting strong growth amid India's booming last-mile delivery market, though facing potential GST hike risks from 5% to 18%. |
| Oct 2021 | Series E | Tiger Global (lead); Vitruvian Partners (lead); Elev8 Venture Partners; Lightrock; Dominor Investment; Peak XV Partners | $100M | $500M | Porter is an Indian intra-city logistics tech startup founded in 2014 and headquartered in Bengaluru, operating an asset-light platform that connects owner-drivers with customers for deliveries and transportation across 13 cities. It claims to serve a Rs 3 lakh crore market, having onboarded 2 lakh driver-partners and serviced over 50 lakh customers, with drivers earning 30% more and customers saving 20% on costs alongside lower wait times. On October 25, 2021, Porter raised nearly $100 million (Rs 750 crore) in its Series E funding round led by Tiger Global Management and Vitruvian Partners, with participation from existing investors including Sequoia Capital India (now Peak XV Partners) and Lightrock India. This round increased the company's post-money valuation fivefold from $100 million to $500 million. Other investors matching the query like Dominor Investment and Elev8 Venture Partners are not mentioned in this round's details, though Elev8 appears in later fundraises. The funding underscores investor confidence in Porter's execution amid economic challenges, with plans to enhance its tech-enabled marketplace for better vehicle utilization and service levels. Porter emphasizes its negative working capital cycle and strong repeat cohorts of drivers and customers. Tiger Global partner Griffin Schroeder highlighted Porter's value in reinventing intra-city logistics. Subsequent rounds show Porter's growth trajectory: a 2025 Series E (or F) extension raised $300-310 million at $1.2 billion valuation, including $200 million led by Kedaara Capital and Wellington Management with secondary sales by early investors like Peak XV, and an additional $110 million from Vitruvian Partners and Elev8. By FY25, Porter achieved profitability with revenue exceeding Rs 4,000 crore, up over 50% YoY from Rs 2,766 crore in FY24, though these metrics post-date the 2021 round. |
| Apr 2020 | Series D | Lightrock (lead) | $18M | - | Porter is an on-demand Goods Transport Agency (GTA) based in India. Lightrock established a strategic partnership with Porter in 2020 through its Lightrock Growth Fund I (LGFI), which invests in growth-stage businesses across Europe, Latin America, and India focusing on themes of People, Planet, and Productivity. LGFI, closed with USD 900 million, later completed a partial realisation of its investment in Porter, as announced by Lightrock. Since the 2020 investment, Porter accelerated its growth, expanded operations to three countries, and diversified its customer offerings. Lightrock expressed intent to maintain its partnership with Porter while welcoming new investors to support further market expansion, technological innovation, operational excellence, and sustainable practices. |
| Apr 2018 | Series C | Mahindra & Mahindra (lead); Kae Capital; Peak XV Partners | $8M | - | Porter, a Mumbai-based on-demand logistics platform founded in 2014 by IIT alumni Pranav Goel, Uttam Digga, and Vikas Chaudhary, provides economical intra-city logistics solutions using light commercial vehicles and technology to empower drivers. In February 2018, Mahindra Group merged its logistics arm SmartShift with Porter and invested approximately $10 million, making Mahindra a significant minority shareholder. Prior to this, Porter raised $5.5 million in a Series A round in 2015 from Sequoia Capital, Kae Capital, and others. |
| Jun 2015 | Series A | Kae Capital (lead); Peak XV Partners (lead); Rajeev Chitrabhanu (MAGNETIC) | $6M | - | Porter, a hyperlocal logistics startup offering on-demand goods transport, packers and movers, and courier services, raised $5.5 million in its Series A funding round in June 2015. Kae Capital and Peak XV Partners led the round, with the funds aimed at expanding operations and enhancing technology infrastructure. Peak XV Partners and Kae Capital were early backers from this 2015 investment, later exiting with significant returns during Porter's unicorn round in 2025 valued over $1 billion. The company has since scaled, competing with Shadowfax, Dunzo, Swiggy Genie, and others, backed by investors like Tiger Global and Lightrock. |
| Apr 2015 | Seed | LVX Ventures; Kae Capital | $500K | - | - |
Who has invested in Porter?
12 investors have backed Porter across its funding rounds, including Peak XV Partners, Kae Capital, Lightrock, Vitruvian Partners, Elev8 Venture Partners and Tiger Global.
Lead investors include Elev8 Venture Partners, Kedaara Capital, Wellington Management, Tiger Global, Vitruvian Partners and 4 other investors.
Porter Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Lead | Apr 2015 | ||
| 3 | Lead | Jun 2015 | ||
| 2 | Lead | Oct 2021 | ||
| 2 | Lead | Apr 2020 | ||
| 2 | Lead | Oct 2021 | ||
| 1 | Lead | May 2025 | ||
| 1 | Participant | Apr 2015 | ||
| 1 | Lead | Oct 2021 | ||
| 1 | Lead | May 2025 | ||
| 1 | Lead | Apr 2018 | ||
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Start Free TrialPorter Competitors
Porter competitors include listed companies like U-Haul and InPost, and private ones like Milestone Equipment Holdings, Sennder, CloudTrucks and Loggi.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1.4B | - | ||
| Publicly listed | $6B | $1.6B | $11B | 2.9x | ||
| Private | - | - | $1B | - | ||
| Private | - | - | $850M | - | ||
| Private | - | - | $1.8B | - | ||
| Publicly listed | $3.9B | $949M | $9B | 2.7x |
Porter Public Comps
Porter is still privately-owned, but its public comps include Dazhong Transportation, Willis Lease Finance, Prosegur Cash, Zigup, LOTTE Rental Co., Marten Transport, Smartgroup Corp, Upbound, Hangzhou SF Intra-City and Keytop Parking.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $332M | $132M | 4.8x | - | 12.2x | - | |||
| $730M | $406M | 4.8x | 4.7x | 8.7x | 7.4x | |||
| $2.3B | $389M | 0.8x | 0.8x | 4.8x | 4.4x | |||
| $2.5B | $639M | 1.1x | 1.1x | 4.1x | 3.7x | |||
| $2.1B | $1B | 2.1x | 2.1x | 4.4x | 4.3x | |||
| $884M | $130M | 1.1x | 1.1x | 7.7x | 7.6x | |||
| $233M | $96M | 4.0x | 3.7x | 9.6x | 8.9x | |||
| $4.7B | $1.7B | 0.6x | 0.6x | 1.5x | 5.2x | |||
This data is available for Pro users. Sign up to see all Porter competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Porter
| When was Porter founded? | Porter was founded in 2014. |
| Where is Porter headquartered? | Porter is headquartered in Bangalore, India. |
| Is Porter publicly listed? | No, Porter is a private, VC-backed company. |
| What is Porter's valuation? | Porter was last valued at $1.2B in its undisclosed-stage round in September 2025. |
| How much funding has Porter raised? | Porter has raised $357M across 7 funding rounds. |
| What was Porter's last funding round? | Porter's last funding round was a $25M undisclosed-stage round in September 2025, led by Elev8 Venture Partners. |
| Who are Porter's investors? | Porter's investors include Kae Capital, Peak XV Partners, Elev8 Venture Partners, Lightrock, Vitruvian Partners, Wellington Management, LVX Ventures, Tiger Global, Kedaara Capital, Mahindra & Mahindra and 2 others. |
| What is Porter's revenue? | Porter's latest recorded revenue is $461M (October 2021). |
| What is Porter's revenue multiple? | Porter's latest valuation implies a 1.1x revenue multiple ($500M valuation on $461M of revenue). |
| Which companies are comparable to Porter? | Companies comparable to Porter include Milestone Equipment Holdings, U-Haul, Sennder, CloudTrucks, Loggi and InPost. |
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