Porter raises ₹750 cr from investors led by Tiger, Vitruvian at a valuation of ₹3,750 cr
The logistics company claims that its tech-enabled marketplace helps drivers earn 30% more
On-demand intra-city logistics provider Porter has raised ₹750 crore in a Series E funding round led by Tiger Global Management and Vitruvian Partners.
Existing investors Sequoia Capital and Lightrock India also took part in the round.
The latest funding round valued the startup at ₹3,750 crore, Porter said in response to Mint’s queries.
“We are excited to welcome the two marquee global funds with a great track record of backing enduring businesses world over. This funding round, in the current economic scenario, is a testament of 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 utilization and service levels for our users,” said Pranav Goel, chief executive officer, Porter.
The seven-year-old startup is a last-mile intra-city logistics provider helping customers book on-demand logistics services to ship goods within their city. It also provides packers and movers services for shifting homes.
“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 Management.
The company claims that its technology-enabled marketplace helps drivers earn 30% more, while ensuring lower wait times for customers.
“Porter has built a leadership position frugally in the fast-growing intra-city 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,” said Peter Read, cortex partner at Vitruvian Partners.
Porter is currently present in 13 cities across India with more than 5 million customers and 200,000 owner-drivers on board.
“Today, it is hard to not see a Porter partner vehicle on the road in any major Indian city. Pranav, Uttam, Vikas and team have built a way for businesses to transport more efficiently and deliver a better livelihood for driver partners,” said Shailesh Lakhani, managing director, Sequoia India.
Porter also serves small businesses with its Porter for Enterprise offering.
“We have been extremely delighted to have backed the Porter team as they have built the company as a testament to the fact that scaling fast can go hand-in-hand with building a disciplined systems driven business,” said Vaidhehi Ravindran, partner, Lightrock.
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Business NewsCompaniesStart-upsPorter raises ₹750 cr from investors led by Tiger, Vitruvian at a valuation of ₹3,750 cr
First Published:25 Oct 2021, 04:23 PM IST
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