Porter emerged as India's Third Unicorn in 2024. What is the criteria to be a unicorn?

The correct answer is Startup company with a value of over $1 billion.

In News

• Homegrown logistics services platform Porter has likely become India's third unicorn of 2024, with a valuation exceeding $1 billion, following a fresh internal round.

Key Points

• The internal round involved key individual investors purchasing stock from the company's employee stock ownership plan (ESOP) pool, contributing to Porter's $1 billion valuation.
• Porter, founded in 2014 by Pranav Goel, Uttam Digga, and Vikas Choudhary, offers an on-demand marketplace for trucks, bikes, and packers & movers, catering to both intra-city and inter-city logistics services.
• The company has attracted investments from notable investors such as Tiger Global, Peak XV Partners, Lightrock, and the Mahindra Group, securing approximately $150 million in funding to date.
• With operating revenue surpassing Rs 1,700 crore in FY23 and yet-to-be-announced results for FY24, Porter has established itself as one of the leading logistics companies in India.
• The Indian tech startup ecosystem received over $1.6 billion in total funding in the first quarter of 2024, indicating continued investor interest and growth opportunities in the sector.