The organisation said it will leverage the capital infusion to strengthen its position, concentrate on acquiring talent and grow operations to enter the top 35 cities of India by 2023.
Intra-city logistics firm Porter has raised Rs 750 crore in its Series E funding round headed by Tiger Global Management and Vitruvian Partners, with participation from existing investors Sequoia Capital India and Lightrock India. IndigoEdge acted as the exclusive financial adviser to Porter in this investment round. The organisation said it will leverage this capital infusion to strengthen its position, focus on getting talent and increase operations to penetrate the top 35 cities of India by 2023.
“Porter’s unique marketplace results in massive benefits to all stakeholders. Drivers earn 30% more, customers save 20% on logistics cost and have a better experience with lower wait times and higher availability. Porter is also one of the only logistics models that is 100% asset-light and has a negative working capital cycle,” the firm stated in a statement.
Porter declared it has consistently achieved triple-digit annual growth since its launch in 2014 and has been growing faster with scale as network effects play out. The company now has a presence across 13 cities across India, with more than 50 lakh customers and 2 lakh+ owner-drivers on board.
Speaking about the funding, Pranav Goel, CEO, Porter stated, “We are excited to welcome the two marquee global funds with a great track record of backing enduring businesses world over. In the current economic scenario, this funding round is a testament of the execution of the entire Porter team.”
“The idea behind Porter was to solve the existing market gap between demand and supply by creating a tech-enabled liquid marketplace to drive better vehicle utilisation and service levels for our users. Over the years, we have realised that apart from being a great business opportunity, we have a chance to make a positive impact on the lives of over 2 lakh driver-partners,” he added.
Porter, an app and web-based intra-city logistics solution provider, based out of Bengaluru, is trying to solve this logistics crisis faced by both new and present businesses by offering intra-city pickups and deliveries through an efficient and reliable model.