Porter, a Bangalore-based end-to-end logistics startup developed to aid enterprises in enhancing their last-mile delivery functions, has raised US$ 100 million in a Series E funding round led by Vitruvian Partners and Tiger Global Management on 25 October 2021.
Investors: The latest investment round featured Tiger Global Management and Vitruvian Partners as the lead investors with participation from Sequoia Capital India and Lightrock. The startup has managed to raise, in total, US$ 132 million to date.
Purpose of the funding: The startup seeks to deploy the proceeds from the latest funding round to strengthen its market position, recruit new talent, and increase its market presence to serve the top 35 Indian cities by 2023.
About Porter
Brought to existence in 2014 by Pranav Goel, Vikas Choudhary and Uttam Digga, Porter allows its users to book on-demand logistics offerings to transport goods in the city apart from providing movers and packers services. The firm’s tech-driven platform assists drivers in earning 30% more revenue while reducing the waiting time for users. Porter has served more than 5 million customers across 13 cities in India. Over 0.2 million owner-drivers have registered on the platform. The use of software services and other technologies by the Indian logistics domain and a shift in the shopping pattern of consumers due to the pandemic has led to a massive disruption in the sector.
What the Founder has to say: “The latest investment round, under the prevailing economic conditions, serves as evidence of the Porter team’s proficiency in the execution of its plans. We established Porter to build solutions for bridging the market gap existing between supply and demand by developing a tech-driven flexible platform to optimise service levels and vehicle utilisation for our clients. Since Porter’s inception, we have comprehended that besides an excellent business prospect, we have an opportunity positively affect the livelihoods of more than 0.2 million driver-collaborators.”- Pranav Goel, Co-Founder of Porter.
What the Investor has to say: “In a competitive business environment, Porter has formulated an excellent customer cohort and repeat driver, showcasing the firm’s innovative vision. It is exciting to join hands with Porter as it revamps and dramatically optimises the intra-city logistics across the domestic market.”- Griffin Schroeder, Partner at Tiger Global Management.
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