Tech-based intra-city logistics provider Porter hit Rs. 3,750 crore (approx. $500 million) in valuation following the latest round of funding during which the company managed to raise Rs.750 crores, Porter announced on Monday, October 25.
In the series E round of funding led by Tiger Global Management and Vitruvian Partners, the company saw participation from existing investors with existing investors Sequoia Capital India and Lightrock India. Meanwhile, IndigoEdge acted as the exclusive advisor to Porter during the funding round.
With the fresh funds, the company will look towards expanding operations across the top 35 cities in India, acquiring new talent and establishing and strengthening its position in the on-demand logistics market. Porter has continuously recorded a triple-digit annual growth since its inception in 2014 and is currently operational in 13 cities in India with more than 5 million customers and 200,000 drivers on board.
Porter offers an intra-city logistics service and has launched an on-demand marketplace for LCVs and bikes. It is also becoming a key contender in packers and movers services.
The company has reported that its tech-based marketplace helps drivers earn 30 per cent more and also offers a lower waiting time to customers, factors that sets it apart from other competitors. Moreover, Porter is also one of the only logistics models that are 100 per cent asset-light and have a negative working capital cycle.
Commenting on the development, Porter’s Chief Executive Officer Pranav Goel stated that keeping in mind the current economic scenario, the successful funding round comes as a testament to the execution of the company’s entire team. He also expressed excitement to have onboard the two Global funds leading the company’s latest funding round.
