Porter in no hurry to go public, says CEO Uttam Digga
Logistics unicorn Porter, backed by Tiger Global Management, isn’t in a hurry to go public, its CEO and co-founder Uttam Digga told Mint. He said
Logistics unicorn Porter, backed by Tiger Global Management, isn’t in a hurry to go public, its CEO and co-founder Uttam Digga told Mint. He said the company is currently focused on executing its business strategy and expanding its market share rather than setting a timeline for an initial public offering (IPO). “We just want to focus on executing the business correctly and grow the space as much as we can. At the moment, we're not too obsessed about when to go for an IPO. We are also taking it a little slow, and I think our board is supportive enough to allow us that,” Digga said. Asked whether market conditions were influencing the company’s IPO plans, Digga said Porter was financially ready to go public a year ago but chose to focus on strengthening the business. “I think we were ready a year ago also, in terms of our finances.
But as a company, we just want to focus on executing the business, growing more in the markets where we operate and gaining higher market share. That’s the core focus,” he said. Porter’s revenue rose 54% to ₹6,698 crore in FY26 from ₹4,341.6 crore in FY25, while its net profit more than quadrupled to ₹229 crore from ₹55.3 crore. Digga was speaking to Mint on the sidelines of the flag-off ceremony for Porter’s 10,000th electric vehicle (EV) truck. Highlighting the growth of EV adoption across the logistics industry, he noted that vehicle options have improved significantly over the past five years, particularly in the two- and three-wheeler segments. “This entire journey began five years ago, when we started. At that point, in goods movement, there weren’t great products in terms of vehicles. But over the past five years, at least in two-wheelers and three-wheelers, we have seen OEMs (original equipment manufacturers) come up with great products.
Now the difference in price between an EV and an ICE vehicle is very close to parity,” Digga said. He said the adoption of three-wheeler EVs has been strong and that the industry is now starting to see a similar transition in larger commercial vehicles. Porter currently has around 50,000 EVs on its network and expects this number to increase five-fold to nearly 250,000 vehicles by 2030, he added. Global expansion & changing delivery trends On the company’s expansion plans, Digga said Porter is looking at markets where small and medium enterprises (SMEs) have a significant contribution to the economy. “Typically, these are developing countries, so there are a lot of good markets in Southeast Asia, the Middle East, Latin America, and so on. These are areas of interest, but again, there is a lot that goes into researching these countries and finally deciding what we will [do],” Digga added.
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