Porter securing Rs 750 Cr in Series E round

Porter, a Mumbai-based logistics marketplace founded in 2014 by Pranav Goel, Uttam Digga, and Vikas Choudhary, allows businesses to book trucks on demand for completing their intra-city logistical needs. Recently, the on-demand logistics startup has secured Rs 750 crore in a Series E round led by Tiger Global Management and Vitruvian Partners, with existing investors Sequoia Capital India and Lightrock India also participating.

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The cash infusion will be used to consolidate the company’s position, focus on talent acquisition, and expand operations to reach the top 35 cities in India by 2023, further solidifying its position as a logistics market leader, according to a statement. Porter works with organizations in the eCommerce, FMCG, SMEs, traders, 3PLs, courier, and freight industries. It shook up the logistics industry by launching Porter for Enterprise and Packers and Movers, an on-demand marketplace for LCVs and bikes. Porter is also one of the few logistics models with no assets and a negative working capital cycle.

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Pranav Goel, Porter’s CEO, said of the funding that they are delighted to welcome two prestigious global funds with a proven track record of investing in long-term enterprises around the world. For them, this investment round is a testament to the Porter team’s execution in the current economic climate. He also mentioned that Porter was created with the goal of closing the gap between demand and supply in the market by developing a tech-enabled liquid marketplace that would improve vehicle utilization and service levels for their customers. They’ve realized throughout the years that, in addition to being an excellent business opportunity, they have the chance to make a significant difference in the lives of nearly two lakh driver-partners. For them, every day feels like the first day of this thrilling adventure, and they are grateful to have partners who share their vision.

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According to the company, A unique marketplace brings tremendous benefits for all stakeholders. Customers save 20% on logistical expenses, and drivers earn 30% more. Customers also get a better experience with shorter wait times and more availability. Porter has created excellent recurring driver and customer cohorts in a challenging industry, showcasing the platform’s unique value.

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