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Logistics start-up Porter has raised ₹750 crore in Series E funding round from Tiger Global Management and Vitruvian Partners, along with the participation of Sequoia Capital India and Lightrock India. The company will use this capital infusion to focus on acquiring talent and expanding its operations in the top 35 cities by 2023.
Founded in 2014, Porter is an intra-city logistics marketplace. The company has launched services like on-demand marketplace for light commercial vehicles (LCVs) and bikes, Porter for Enterprise and Packers & Movers.
Commenting on the fundraise, Pranav Goel, CEO, Porter said, “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.”
Griffin Schroeder, Partner, Tiger Global, said: “In a challenging market, Porter has developed excellent repeat driver and customer cohorts, demonstrating the platform’s unique value. We are excited to partner with Porter as it reinvents and markedly improves intra-city logistics across India.”
Adding to this, Peter Read, Cortex Partner at Vitruvian Partners said, “Porter has built a leadership position frugally in the fast-growing intracity market. Impressed by their high growth rate with profitable unit economics and metrics that are comparable to leading businesses world over, we couldn’t be happier to have started our journey with Porter and are hoping to see new milestones being made in the coming years.”
Founded by Goel, Uttam Digga and Vikas Choudhary, Porter claims to have 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 in over 13 cities across India with more than 50 lakh customers and over 2 lakh owner-drivers on board.
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