17 May 2024
Porter, a homegrown logistics startup, has officially joined India's Unicorn Club after an internal
<br>funding round, making it the third unicorn of the year. According to sources, friends and family
<br>acquired shares directly from the company's employee stock ownership plan (ESOP).
First reported by Moneycontrol, the funding round involved 15-20 individuals purchasing shares
<br>worth Rs 25 crore, valuing the company at over $1 billion. Earlier this year, fintech firm Perfios
<br>and Ola's Al venture Krutrim also achieved unicorn status. As of early May, India had 113
<br>unicorns, according to Tracxn.
<br>Porter, backed by PeakXV, was previously valued at $514 million following a $101 million Series E
<br>round with investors including Tiger Global, Vitruvian Partners, and Lightrock India. To date, the
<br>company has raised $150 million across nine rounds, Tracxn data shows.
<br>The emergence of Porter as a unicorn comes amid a challenging period for Indian startups,
<br>characterized by a slump in late-stage funding and a rise in down-rounds. Nearly 20% of large
<br>venture capital deals in 2023 and up to April this year have experienced significant valuation
<br>reductions, the highest rate since 2015, according to Pitchbook data.
Porter, a homegrown logistics startup, has officially joined India's Unicorn Club after an internal
<br>funding round, making it the third unicorn of the year. According to sources, friends and family
<br>acquired shares directly from the company's employee stock ownership plan (ESOP).
First reported by Moneycontrol, the funding round involved 15-20 individuals purchasing shares
<br>worth Rs 25 crore, valuing the company at over $1 billion. Earlier this year, fintech firm Perfios
<br>and Ola's Al venture Krutrim also achieved unicorn status. As of early May, India had 113
<br>unicorns, according to Tracxn.
<br>Porter, backed by PeakXV, was previously valued at $514 million following a $101 million Series E
<br>round with investors including Tiger Global, Vitruvian Partners, and Lightrock India. To date, the
<br>company has raised $150 million across nine rounds, Tracxn data shows.
<br>The emergence of Porter as a unicorn comes amid a challenging period for Indian startups,
<br>characterized by a slump in late-stage funding and a rise in down-rounds. Nearly 20% of large
<br>venture capital deals in 2023 and up to April this year have experienced significant valuation
<br>reductions, the highest rate since 2015, according to Pitchbook data.
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