Now Reading: Porter not rushing for IPO, says CEO Uttam Digga
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Porter not rushing for IPO, says CEO Uttam Digga
Porter, the logistics startup backed by Tiger Global, is in no rush to launch an initial public offering, chief executive and co-founder Uttam Digga told Mint. The company is instead focused on…
The Story in Brief
Porter, the logistics startup backed by Tiger Global, is in no rush to launch an initial public offering, chief executive and co-founder Uttam Digga told Mint. The company is instead focused on executing its business strategy and expanding market share. Digga said Porter was financially ready for an IPO a year ago but chose to prioritise business growth. The company's revenue rose 54% to Rs 6,698 crore in FY26, while net profit more than quadrupled to Rs 229 crore.
Digga spoke to Mint at the flag-off of Porter's 10,000th electric vehicle truck. He noted that EV adoption in logistics has improved significantly, with price parity between EVs and internal combustion engine vehicles nearing in two- and three-wheelers. Porter expects its EV fleet to grow five-fold to 250,000 vehicles by 2030. The company is also exploring international expansion in Southeast Asia, the Middle East and Latin America, targeting markets where small and medium enterprises play a key role.
The Indian Opinion
The usual narrative paints Indian startups as IPO-obsessed, but Digga's stance is a quiet counterpoint. Claims that an EV transition is impossible without massive subsidies get tested here: Porter's fleet is scaling on commercial logic, not doles. Watch the price parity between EVs and ICE vehicles in the three-wheeler segment by end of FY27. If parity holds without policy crutches, the 'subsidy addiction' taunt loses steam. The real question: can Porter sustain a quadrupled profit while expanding into Southeast Asia, or will global headwinds force it back to the markets?
Source: livemint.com
This story was synthesised by AI from the source linked above.
