Porter becomes India’s 3rd Unicorn in 2024

As per Wikipedia, Unicorn is a startup company valued at over US $ 1 billion which is privately owned and not listed on share market. The term was first published in 2013, coined by venture capitalist Aileen Lee, choosing the mythical animal to represent the statistical rarity of such successful ventures.

By looking at the above definition, one can imagine, how difficult it is, to become a Unicorn. Getting desired growth by raising public funds is very common but becoming huge by raising internal funds is really a herculean task.

In this sequence, a latest development has taken place. “Porter” – a logistics service provider platform has become 3rd Unicorn in India. Previously, Ola’s Krutrim AI and B2B fintech firm Perfios achieved this status in the year 2024. There are total 111 Unicorns in India and 1,453 Unicorns globally spreading in 53 countries and 291 cities.

How Porter became a Unicorn?

The simple answer to this lies in the fact that they have raised additional capital of Rs. 25 crore from friends and family. The company is based in Bengaluru and its operating revenue as for F.Y. 2023 already crossed Rs. 1,700 crore.

With raising of these additional funds, the valuation of Porter has doubled from $500 million to $1 billion, thereby making it a Unicorn. Major investors of the company are Kae Capital, Mahindra Group and Tiger Global.

Now, let us deliberate upon the success story of the company:

 The main reason behind its success story is innovation and modernization. It was founded in 2016 by IIT graduates Mr. Pranav Goel, Mr. Uttam Digga and Mr. Vikas Chaudhary. In a short span of 8 years, it has achieved the status of Unicorn. They have completely redefined the logistic services. They spread across various cities. It is only because of porter that urban shifting has become so easier. One can easily select the vehicle, destination and the logistics support would arrive, say within half an hour.

Their style of delivering services is actually a game changer both for businesses and households.

Bhavya Taneja
Bhavya Taneja
Bhavya Taneja is a Practicing Company Secretary, speaker on various academic and non-academic topics and a writer. She has an experience of 8 years as a professional and 5 years as a faculty of Economics. She has authored a book of quotes called 'Crisp Talkings' and is actively involved in social welfare activities as well.

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