Porter becomes India's second unicorn of 2025 with $200 million fundraise
BENGALURU:
Porter
, an on-demand logistics platform, has raised $200 million in a Series F round led by
Kedaara Capital
and Wellington Management, entering India's unicorn club with a valuation of $1.1-$1.2 billion, people familiar with the deal told TOI.
The transaction includes a mix of primary and secondary components.
This marks the second known unicorn of 2025 from India, following AI-powered fleet safety startup Netradyne, which joined the club earlier this year after a funding round led by SoftBank. India had produced only two unicorns in all of 2025, highlighting the current cautious funding environment amid a global venture slowdown.
Founded in 2014, Porter operates in the intra-city and inter-city logistics space, offering services such as on-demand trucks, two-wheelers, enterprise logistics, and packers and movers.
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It currently has operations in 22 Indian cities and a presence in two overseas markets. The company serves over 30 lakh customers and engages with about 3 lakh gig workers monthly.
With the fresh capital, Porter aims to expand into additional Indian cities, strengthen its tech stack, and develop infrastructure to support over 1 million gig workers, the company said.
'Porter has built a tech-first platform that delivers reliable logistics solutions at scale in an unorganised and underserved market,' Kedaara Capital's Anant Gupta and Ashutosh Sardesai said in a joint statement.
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They cited Porter's asset-light model and operational discipline as key strengths.
Wellington Management's Asia sector lead Prakhar Singh said Porter's platform plays a critical role in driving efficiency for MSMEs and gig workers. 'The company's execution-first mindset has helped reorganise a fragmented market from the inside out,' Singh noted.
Porter co-founder and CEO Uttam Digga said the company's focus remains on building efficient and inclusive logistics systems.
'This funding gives us momentum to scale sustainable solutions and empower the communities we serve,' he said.
Peak XV Partners, an early backer of the company, exited its stake in the round, sources told TOI. Partner Shailesh Lakhani said, 'In many cities, to 'Porter' something now means you're guaranteed reliable delivery. That's a mark of how deeply integrated the platform has become.'
Porter's unicorn status comes amid expectations of more late-stage deals in India as investors selectively back companies showing strong unit economics and clear paths to profitability.
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