ISN Exclusive: Elev8 Venture Partners scoops up Porter shares for $25 million

As the Indian startup ecosystem strengthens and grows, a lot of investor activity has seen a resurgence. In the latest move, mid-stage investment firm Elev8 Venture Partners has scooped up shares in Porter, a logistics startup that is worth more than a billion dollars, regulatory documents and sources revealed to IndianStartupNews (ISN).

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This gives Elev8 a small ownership in the company which is preparing to go public over the next 18 months or so. Handsome returns can be expected despite late-stage entry. 

The round details come months after Porter announced a gigantic $200 million round from Kedaara and Wellington at a unicorn valuation. 

Elev8 and Porter chose not to reply to ISN’s questions. 

It is to be noted that it is rare for a mid stage venture capital firm to invest in a late stage company. 

Elev8 has invested from its maiden fund which is again a massive $200 million corpus to back winning companies and exceptional founders. 

Elev8 has already invested in companies like Smallcase, Astrotalk and now Porter. Its deal pipeline looks robust and growing. 

In 2023, when it announced the fund, Partner Navin Honaudi said the fund will strategically focus on investing $10-$15 million in 12 to 14 technology-enabled sector-agnostic companies within a valuation range of $100 million to $500 million.

“Way forward is to be aggressive in the current environment and invest in one company a quarter or more. We feel the existing vintage will uncover the finest companies in the coming decade," said Navin Honagudi, managing partner, Elev8 Venture Partners.