Porter raises another $110 million in extended round at $1.2 billion valuation

Over 50 percent of the round is in the form of secondary share sales where Peak XV Partners and Kae Capital sold shares.

Logistics unicorn Porter has raised another $110 million from Vitruvian Partners, Elev8 Venture Partners and others in an extended Series F round, people aware of the developments said. The company has closed the latest round raising $300-310 million from a slew of internal and external investors.

While Vitruvian Partners, an existing backer, has led the round, Elev8 Venture Partners, run by Navin Honagudi, is a new backer and has put in around $25-30 million. This is the first time Honagudi has invested from Elev8, though he has an existing relationship with Porter from his days at Kae Capital, an early backer of Porter.

In this round, Porter raised $300-310 million in two tranches. The company had in May raised $200 million from Kedaara Capital and Wellington Management at a valuation of $1.2 billion. Few months on, Porter has raised another $110 million as part of the same round.

“Over 50 percent of the round is in the form of secondary share sales where Peak XV Partners and Kae Capital sold shares. The remaining bit is in the form of primary capital that will go directly to Porter,” one of the persons cited above said.

Porter did not reply to Moneycontrol's queries. The Economic Times was first to report about Porter's $110 million fundraise.

The company will use the funds to double down on the two-wheeler local logistics service space as competition with Rapido, Uber and others heats up. At the same time, it will also grow its lead in services such as trucks.

Announcing the May fundraise, Porter co-founder & CEO Uttam Digga had said, “With this, we look forward to accelerating our growth and building world-class, sustainable logistics solutions for businesses and communities across the globe."