Porter looks to raise $100 mn from PE firms

The deal is likely to value the decade-old startup at $1.1-1.2 billion

- Sneha Shah

Private equity companies are looking to invest $100 million in new-age intra-city logistics services provider Porter, in a deal that will value the decade-old startup at $1.1-1.2 billion, two people with knowledge of the development said.

The new funding round will be a mix of primary and secondary share sales, they said on the condition of anonymity.

The Bengaluru-based company has got term sheets from investors, including Kedaara Capital, Multiples, and Peak XV, the first person cited earlier said, adding that Porter has been able to bring down its burn rate while growing its revenue, and is therefore demanding a premium to its last round valuations.

"The ask was as high as $1.3 billion-1.4 billion," the second person said. However, the secondary portion where some of the early investors in the company are looking to sell stake will be valued at a discount, with the blended value being over a billion dollars, these people said.