Intra-city logistics mover Porter said it has raised Rs 750 crore in its Series E funding round which was led by institutional investor Tiger Global Management and Vitruvian Partners, with participation from existing investors Sequoia Capital India and Lightrock India.
Partner at Tiger Global, Griffin Schroeder said, “In a challenging market, Porter has developed excellent repeat driver and customer cohorts, demonstrating the platform's unique value."
In a press statement on Monday, the company said that it would leverage the proceeds to consolidate its position by acquiring further talent and expand into the top thirty-five Indian cities by 2023. At present, the company offers intra-city logistics movement services in thirteen cities including Mumbai, Delhi NCR, Pune, Bengaluru, Hyderabad, Kolkata, Chennai, among others. This alongside, offering intra-city transportation services for enterprises. Their customers include Abbott and Johnson&Johnson.
Its website claims that it has more than 1.5 lakh driver partners enrolled since it was founded in 2014 by Pranav Goel, Uttam Digga and Vikas Choudhary.
“In a challenging market, Porter has developed excellent repeat driver and customer cohorts, demonstrating the platform's unique value,” said Partner, Tiger Global, Griffin Schroeder.
(With inputs from PTI)