Bengaluru-based logistics startup Porter is financially ready to go public, but will hold back its initial public offering until regulatory clarity improves and competition settles, founder Pranav Goel said on Tuesday.

Speaking at CII’s Unicorn Summit, Goel said the company’s revenue scale and profitability put it in a position to consider a public listing. “From a company standpoint, from our revenues and profitability, we are there and we can be ready for a public journey,” he said.

What is holding Porter back is not internal readiness, but external uncertainty. Goel pointed to ongoing regulatory challenges, particularly around social security norms and goods and services tax, as key factors that need resolution before the company moves ahead with listing plans. “We hear from multiple advisors that you should embark on a public journey when you have more certainty about your future,” he said.

Beyond regulation, Porter is also watching how competition evolves in the logistics-tech space. The sector has seen increased activity in recent years, with both startups and incumbents expanding their presence. Goel said the company would prefer to stabilise its competitive positioning over the next couple of years before considering a public listing.

Founded in 2014, Porter operates in a highly fragmented logistics market as a technology-led service provider, connecting businesses with on-demand intra-city transport solutions. The company has scaled significantly over the past decade, crossing ₹4,300 crore in revenue.

It also turned profitable in FY25, reporting a consolidated net profit of ₹55.2 crore. This marks a sharp turnaround from a loss of ₹95.7 crore in the previous fiscal year, placing Porter among a small set of profitable players in India’s logistics-tech segment.

Goel’s comments signal a cautious approach to public markets at a time when several new-age companies are weighing IPOs amid volatile market conditions and evolving regulatory frameworks. For Porter, the timing of its public debut will hinge less on internal performance and more on how predictable its operating environment becomes.