Logistics Startup Porter Achieves Unicorn Status Following Internal Funding Round

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.​​​​​