India’s SmartShift Logistics Solutions, which owns the on-demand, intra-city logistics unicorn Porter, has raised $200 million in a funding round led by Kedaara Capital and Wellington Management, Indian media reported on Thursday.
DealStreetAsia reported in March that Porter was in talks to raise funds.
According to the media reports, the fundraising, which comprised both primary and secondary transactions, saw the exit of Peak XV Partners and Kae Capital.
According to Tracxn, Kae Capital held a stake worth Rs 10.7 crore (1.6%), while Peak XV had invested Rs 121.3 crore for a 13.6% stake in the company. Existing investor Vitruvian Partners also participated in the round.
Porter’s captable
Founded in 2014 and headquartered in Bengaluru, Porter is today a major player in India’s intracity logistics space. It was originally a part of SmartShift by Mahindra, a Mahindra Group initiative. In 2018, SmartShift merged with Porter, operated by Resfeber Labs, to strengthen its position in India’s growing logistics sector, estimated to be over $317.3 billion in 2024.
So far, Porter is understood to have served over 1.5 crore customers across over 21 cities in India, including smaller towns and metros. It claims to have over 7.5 lakh driver partners across the country. Businesses that Porter serves include names such as Cars24, an online marketplace for used cars; and Furlenco, an online furniture rental startup, among others.
With the new fundraising, Porter plans to grow its team and expand operations to more cities.
“In a largely unorganised and underserved market, Porter has built a tech-first, asset-light platform that delivers seamless, reliable logistics solutions at scale. Their strong execution, deep market understanding, and unwavering focus on customer and partner experience have created significant network advantages,” Anant Gupta, Partner and Ashutosh Sardesai, Director at Kedaara Capital, said.
According to Tracxn, Porter reported an annual revenue of Rs 2,770 crore ($334 million) for the year ended Mar 31, 2024, with a loss of Rs 95.7 crore.
Excluding the latest round, the company has raised around $150 million in funding from investors such as Tiger Global, Innoven Capital, Kae Capital, Mahindra Group, Sequoia Capital, and Lightrock.
According to media reports, the company last raised funds from friends and family in a round that catapulted it into the coveted unicorn club of India.
Kedaara Capital, led by Manish Kejriwal, has investments in Indian firms including mortgage lender Aavas Financiers, rural India-focused microfinance firm Spandana Sphoorty, omnichannel eyewear retailer Lenskart, education loans-focused non-banking lender Avanse Financial Services, online beauty products platform Purplle, and eyecare chain ASG, among others.
For Wellington, Porter is its second bet in India’s logistics sector, after BlackBuck.
As digital commerce and last-mile delivery services continue to grow, the Indian logistics sector is increasingly evincing investor interest.
Among those who have raised capital recently, Leap India reportedly secured Rs 535 crore from Sixth Sense, FirstBridge India, and Madhurima International in 2024.
This year, Emiza garnered Rs 100 crore in a Series C round led by Evolvence India and Mirabilis Investment Trust, while IPO-bound Shadowfax raised Rs 34 crore in fresh funding.
More recently, India’s Celcius Logistics, an aggregator providing end-to-end cold-chain solutions, raised Rs 250 crore ($29.5 million) in its Series B round of funding through a combination of equity investment, debt financing, and secondary transactions, as it looks to expand its network.
Porter also joins a growing list of mega deals—transactions worth at least $100 million—that have taken place this year.
Leading the table in January was Kedaara Capital’s $350 million investment in Indore-based Impetus Technologies. Another major deal was healthcare AI firm Innovaccer’s $275 million Series F round. Other notable transactions include Infra.Market’s $121 million fundraise and Aragen’s $100 million investment in contract research, development, and manufacturing and Darwinbox’s $140 million fundraise.
