Porter, an on-demand truck booking and hyperlocal logistics company, has raised over $200 million in a fresh round from Kedaara Capital and Wellington Management at a valuation of $1.2 billion, people aware of the developments told Moneycontrol.
While the company announced, in a press release, it has raised money from Kedaara Capital and Wellington Management, it revealed no other details. Porter did not reply to Moneycontrol's queries.
The fresh value of $1.2 billion is a slight mark up from Porter’s earlier valuation of $1 billion, the valuation that the company commanded during an internal friends and family round, as reported by Moneycontrol earlier.
As part of the current round, Peak XV Partners and Kae Capital, early backers of the company, sold their shares in the company and made way for Kedaara Capital and Wellington Management, both new investors.
"The primary portion that Porter will get in its coffers is around $50-80 million, the rest $120-150 million will be the secondaries component," a source told Moneycontrol.
The company will use the funds to grow its customer base and service more locations. The funding comes at a time when smaller players in the space, like Swiggy Genie, are folding up.
Uttam Digga, Co-Founder & CEO, Porter, said, “With this, we look forward to accelerating our growth and building world-class, sustainable logistics solutions for businesses and communities across the globe."
IndigoEdge acted as the exclusive financial advisor to Porter on this transaction.
"When our journey started with Porter 10 years ago...in the journey, their name has become a verb and to say "I am Portering it" means the goods will be there soon," said Shailesh Lakhani, MD, Peak XV Partners, said.
Speaking on why Wellington backed Porter, Prakhar Singh, Asia Sector Lead, Wellington Management, said, “We admire Porter’s resilience and execution-first mindset, which has helped them create their leadership position in the intra-city logistics space."
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