Porter raises Rs. 35cr from Sequoia, Kae Capital

BANGALORE, INDIA: Porter, an online logistics marketplace, has raised INR 35 crore in Series A funding from Sequoia, Kae Capital and other investors.

The investment will be used to facilitate geographical expansion, improve existing products and solutions, as well as help recruit talent.

Porter is an aggregator of light trucks and allows businesses and consumers to hire trucks and tempos on demand for their intra-city pickup and delivery needs.

Porter currently has 300 vehicles handling 10,000 transactions every month in Mumbai and NCR, with plans to ramp up to six cities in the next one year.

The company has also built an impressive portfolio of customers amongst large organizations including Godrej, Reliance, ITC, Urban Ladder, Delhivery and Aramex among others.

Porter provides reporting and intelligence tools that allow businesses real-time monitoring of the vehicles they use. The company is also developing APIs that would enable SMEs and start-ups to integrate this logistics system with the customers’ internal processes.

“According to industry estimates, the Indian logistics market is pegged at USD 150 billion and last mile connectivity constitutes 25pc of that. While most of this is unorganised, we have begun to witness technology-aided disruption in the market. At Porter our aim is to offer effective and efficient logistics solutions to our customers, and to add value to the operators who work with us. We are confident that our partnership with Sequoia and Kae will help us deliver more and accelerate our growth story”, said Uttam Digga, Co-founder and COO of Porter.

The company has also partnered with three strategic angel investors who will help strengthen Porter’s operations and guide them in their next phase of growth. These include - Rajeev Chitrabhanu - CEO and Managing Director of JM Financial Services Pvt. Ltd., Anupam Mittal - Founder of People Group and Sandeep Tandon – Co-Founder of FreeCharge.