ETtechBengaluru: Porter, a tech-based, on-demand, intra-city logistics company, has raised Rs 750 crore in its Series E funding round led by Tiger Global Management and Vitruvian Partners, with existing investors Sequoia Capital India and Lightrock India.
IndigoEdge acted as the exclusive financial adviser to Porter in this funding round.
"We are excited to welcome the two marquee global funds with a great track record of backing enduring businesses the world over. This funding round, in the current economic scenario, is a testament to 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, ” said Pranav Goel, CEO, Porter.
Porter is also one of the only logistics models that is 100% asset-light and has a negative working capital cycle.
“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,” said Griffin Schroeder, partner, Tiger Global.
Porter 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 in over 13 cities across India with more than 50 lakh customers and 2 lakh+ owner-drivers on board. Porter has created disruption in various domains of logistics by launching an on-demand marketplace for LCVs and bikes, Porter for Enterprise and Packers & Movers.
“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,” said Peter Read, Cortex Partner at Vitruvian Partners.
Founded in 2014, Porter is now India's largest intra-city logistics Marketplace. Intra-city logistics is a Rs 3 lakh crore market. Porter strives to improve the lives of over 2 lakh owner-drivers by providing them with consistent earning & independence. Currently, the company has serviced over 50 lakh customers across 13 cities in India.
IndigoEdge acted as the exclusive financial adviser to Porter in this funding round.
The company will leverage this capital infusion to consolidate its position, focus on acquiring talent and expand operations to enter the top 35 cities of India by 2023, further strengthening its position as a leader in the logistics market.
"We are excited to welcome the two marquee global funds with a great track record of backing enduring businesses the world over. This funding round, in the current economic scenario, is a testament to 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, ” said Pranav Goel, CEO, Porter.
Porter is also one of the only logistics models that is 100% asset-light and has a negative working capital cycle.
“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,” said Griffin Schroeder, partner, Tiger Global.
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Porter 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 in over 13 cities across India with more than 50 lakh customers and 2 lakh+ owner-drivers on board. Porter has created disruption in various domains of logistics by launching an on-demand marketplace for LCVs and bikes, Porter for Enterprise and Packers & Movers.
“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,” said Peter Read, Cortex Partner at Vitruvian Partners.
Founded in 2014, Porter is now India's largest intra-city logistics Marketplace. Intra-city logistics is a Rs 3 lakh crore market. Porter strives to improve the lives of over 2 lakh owner-drivers by providing them with consistent earning & independence. Currently, the company has serviced over 50 lakh customers across 13 cities in India.
