Eleven-year-old Porter is basically two companies rolled into one.

The first was built by Pranav Goel, who ran it from 2014 to 2023, and who thought the way to win in logistics was to keep adding things until something stuck: trucks, tempos, eventually two-wheelers. That last one worked so well that Porter erased trucks from its logo in 2023. The second is run by his co-founder and successor, Uttam Digga, whose theory is that growth is nice, but profits are better, and maybe the delivery partners should be working a bit harder.

Together, these two CEOs managed a trick few in India’s intra-city logistics market have pulled off: survival, followed by actual profitability.

In FY25, Porter finally became profitable, reportedly clocking a profit of Rs 54 crore, up from a loss of Rs 45 crore the year before. Meanwhile, its revenue grew over 1.5X to Rs 4,300 crore from around Rs 2,700 crore the year before. It now handles more than 500,000 daily orders—up from 25–35,000 in FY21—raised $200 million in May from Kedaara Capital (on top of the $100 million or so it had already collected from Tiger Global, Peak XV, Lightrock), and is reportedlyThe Economic Times close to raising another $100 million.

None of this has come easy. It has required one reinvention after another—Spotify-style pods, Amazon-style single-threaded leadership, and new research and design teams.

The company now enjoys a comfortable lead against rivals such as Blowhorn and Letstransport in the trucks segment. Its main rival is the local naka wala, or transport guy. It’s even expanding beyond intra-city to outstation deliveries. “[Think] Bangalore to Mysore, which is 100–250 kms,” said a current employee.

For a sector littered with corpses—Dunzo, Swiggy Genie, Lalamove—that’s not nothing. Of course, “not nothing” is also not everything. Two-wheelers now make up 60% of Porter’s orders and about 30% of revenue, but they also make up the bullseye that competitors want to shoot at. The likes of Delhivery, Uber, Rapido, and Shadowfax.

Porter, last valued at $1.2 billion, may have a head start, but doubling down on newer segments is more crucial than ever before.