Intra-city logistics in the Indian tech market is currently at $43 Billion and it is packed by individual truck owners. The startup of porter is giving competition in the new age startup field and providing service for the logistics sector.
Intra-city logistics startup, Porter which is based in Bengaluru has executed an (ESOP) Employee Stock Ownership plan which is worth $5 Million. This will allow all former employees and eligible empolyees to sell their holdings. Dec 31, 2021 this date who has invested their options are eligible for the monetization scheme. But, What is the benefit?
Startup plans to undertake equitable distribution of benefits and the number of options will be equally assigned, so every employee gets the benefit from the scheme. The ESOP program is designed for 80% senior, 20% for lower management and mid-management. The participant is allowed to sell a portion of their vested shares, and employees who are eligible may liquidate their vested to around $5million which is nearly Rs. 37crore, the company said.
Porter claims to serve over 50 Lakh customers in 13 cities and recently updated with 2Lakh delivery partners.
In 2014, Pranav Goel, Vikas Choudhary, and Uttam Digga founded Porter. Porter is a last-mile intra-city logistics provides customers, book on-demand marketplace for LCVs and bikes supply logistics service Porter for Enterprises to ship goods within their city. It helps packers and movers service for house shifting on their platform.
131 Million is raised by the Tiger Global-backed startup in funding which is the record for the last seven years. The Series E round in October, last year helped the startup raise approximately $100 Million. Meanwhile, Porter claims to serve over 50 Lakh customers in 13 cities and recently updated with 2 Lakh delivery partners.
Intra-city logistics in the Indian tech market is currently secure at $43 Billion and it is packed by individual truck owners. The startup of porter is facing competition from new startups these include COGOS, BlowHorn, Shift Freight, behemoths, and others.
ESOP liquidity programs are worth $3.3 Million.
Covid 19 led the logistics sector impacted supply chain, along with the rise of e-commerce platforms and hyperlocal deliveries. India overall road logistics market is predicted to cross the $330 Billion by 2025. RedSeer reports that intra-city logistics represent nearly 13% of the entire market.
The companies got aware when ESOP announced the monetization program. This year, IPO-bound interior design startup HomeLane announced ESOP liquidity programs which are worth $3.3 Million. B2B agri-marketplace, Ninjacart implemented a $13.4 Million ESOP scheme. A few days back, credit card payment platform CRED expanded its ESOP pool to approximately $500 Million.