• About
  • Contact
Friday, May 20, 2022
  • Login
Next Big Brand
  • .
  • News
  • Marketing
  • Tech
  • Insight
  • Interviews
  • Internet
  • Startup
  • OTT
  • Industries
  • FMCG
  • CRYPTOCURRENCY
  • Retail
No Result
View All Result
Next Big Brand

Bengaluru Based Logistics Firm Porter Raises Rs 750 Crore in Series E Round

Anshumaan Vishnu by Anshumaan Vishnu
October 27, 2021
in News
Reading Time: 2 mins read
A A
0
Porter logo

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.

Tags: Porter App
Previous Post

Polygon Invests in Colexion to Boost NFT Adoption in India

Next Post

BNPL Startups – Buy Now Pay Later Models Are Changing The Lending Ecosystem In India

Anshumaan Vishnu

Anshumaan Vishnu

An entrepreneur and writer who prefers to create content around startups, entrepreneurship and digital marketing. To talk more like this idea, connect on LinkedIn.

Related Posts

High street essentials founders
News

High Street Essentials Bags 40 Crore From Stride Ventures

May 20, 2022
Cars24 founder
Automobile

Used Car Ecommerce Platform Cars24 Lays Off 600 Employees To Cut Cost

May 19, 2022
Ola Foods logo
Food

Ola Foods Cancels Expansion Plans, Looks To Integrate With 10-minute Grocery Delivery

May 19, 2022
Sameer Nigam PhonePe CEO
News

PhonePe To Acquire WealthDesk For Around $50 Million & OpenQ For Nearly $25 Million

May 18, 2022
Smytten Founders
News

D2C Sampling Startup Smytten Raises Rs 100 Crore in Pre-Series B Led By Fireside Ventures

May 17, 2022
paytm mall
News

Jack Ma Exits Paytm Mall, Sells 43% For Rs 42 Crore Valuation Down To Rs 100 Crore

May 17, 2022
Next Post
Buy Now Pay Later Apps

BNPL Startups - Buy Now Pay Later Models Are Changing The Lending Ecosystem In India

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

BROWSE BY TOPICS

Acquiring amazon Apple brand story BYJU Ravindran Byjus byjus news byjus the learning app Cryptocurrency Edtech Startups Elon Musk facebook fintech news Flipkart funding google Indian OTT Platforms Indian Unicorn Indian Unicorns Indian Unicorns of 2021 Mukesh Ambani Netflix NFT NFT Collection Non Fungible Tokens Ola OYO Paytm Reliance Retail Startup Acquisition Startup IPO startup news india Startups startups in india Swiggy Tiktok TikTok India Twitter Unicorns of 2022 Unicorns of India Unicorn Startups Upgrad YouTube Zomato Zomato App

Instagram

Follow Me!

Recent News

  • High Street Essentials Bags 40 Crore From Stride Ventures
  • Used Car Ecommerce Platform Cars24 Lays Off 600 Employees To Cut Cost
  • Ola Foods Cancels Expansion Plans, Looks To Integrate With 10-minute Grocery Delivery

Latest News

High street essentials founders

High Street Essentials Bags 40 Crore From Stride Ventures

May 20, 2022
Cars24 founder

Used Car Ecommerce Platform Cars24 Lays Off 600 Employees To Cut Cost

May 19, 2022
  • About Us
  • Privacy Policy
  • Terms and Conditions
  • Disclaimer
  • DMCA Policy
  • Our Team
  • Contact Us
  • Sitemap

© 2019 NBB. All Rights Reserved.

No Result
View All Result
  • .
  • News
  • Marketing
  • Tech
  • Insight
  • Interviews
  • Internet
  • Startup
  • OTT
  • Industries
  • FMCG
  • CRYPTOCURRENCY
  • Retail

© 2019 NBB. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.