Total amount raised
$131.9 Millions
Latest funding date
Location
Title
Porter has successfully raised ₹750 crore in a Series E funding round, achieving a valuation of ₹3,750 crore. The company offers a comprehensive logistics platform designed to optimize last-mile delivery operations for businesses.
Keep reading to explore the intricacies of Porter's fundraising journey and the investors backing this innovative platform.
What Is Porter?
Porter, founded in August 2014 by Pranav Goel, Uttam Digga, and Vikas Choudhary, is a leading logistics service provider based in Bangalore, Karnataka, India. The company offers an end-to-end logistics platform designed to optimize last-mile delivery operations for businesses.
With a workforce of 1001-5000 employees, Porter has transformed the logistics sector by addressing inefficiencies and enabling businesses to move goods on-demand. The company has serviced over 5 million customers across 12 cities in India.
Porter provides a range of services, including on-demand goods transport via trucks and two-wheelers, bulk transportation, home relocation, and intercity courier services. Their comprehensive platform ensures reliable and hassle-free logistics solutions.
How Much Funding Has Porter Raised?
- Seed Round
- Amount Raised: $500K
- Date: April 2015
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart operations and develop the initial logistics platform.
- Series A
- Amount Raised: $5.5M
- Date: June 2015
- Lead Investors: Kae Capital, Peak XV Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand service offerings and scale operations in key cities.
- Series B
- Amount Raised: Not publicly disclosed
- Date: December 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance technology and improve logistics efficiency.
- Series C
- Amount Raised: ₹500M
- Date: April 2018
- Lead Investors: Mahindra Rise
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand into new markets and strengthen the logistics network.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: January 2019
- Lead Investors: InnoVen Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing growth and operational scaling.
- Series D
- Amount Raised: ₹1.4B
- Date: April 2020
- Lead Investors: Lightrock
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance technology and expand service offerings.
- Series E
- Amount Raised: ₹7.5B
- Date: October 2021
- Lead Investors: Tiger Global Management, Vitruvian Partners
- Valuation at Round: ₹3,750 crore
- Motivation Behind the Round: To consolidate market position, acquire talent, and expand operations to 35 cities by 2023.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: January 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further scale operations and enhance service capabilities.
Total Amount Raised: $106.5M
Current Valuation: ₹3,750 crore
Key Investors
- Tiger Global Management
- Details: Tiger Global Management is a leading investment firm focused on private and public companies in the technology, internet, and financial technology sectors. The firm has a strong track record of backing high-growth companies worldwide.
- Investment Focus Areas: Technology, logistics, e-commerce, financial technology.
- Notable Investments: Flipkart, Ola, Byju's.
- Vitruvian Partners
- Details: Vitruvian Partners is a European private equity firm that invests in high-growth companies across various sectors. The firm is known for its strategic support and growth capital.
- Investment Focus Areas: Technology, healthcare, financial services, consumer sectors.
- Notable Investments: Just Eat, Skyscanner, Farfetch.
- Sequoia Capital India
- Details: Sequoia Capital India is a venture capital firm that partners with founders across India and Southeast Asia. The firm focuses on early and growth-stage investments in technology and consumer sectors.
- Investment Focus Areas: Technology, consumer, healthcare sectors.
- Notable Investments: OYO Rooms, Zomato, Byju's.
- Lightrock India
- Details: Lightrock India is an impact investment firm that supports sustainable businesses. The firm focuses on companies that drive positive social and environmental change.
- Investment Focus Areas: Sustainable businesses, healthcare, education, financial services.
- Notable Investments: PharmEasy, Dunzo, Acko.
- InnoVen Capital
- Details: InnoVen Capital is a venture debt firm that provides debt capital to high-growth companies in India and Southeast Asia. The firm supports companies across various stages of growth.
- Investment Focus Areas: Technology, consumer, healthcare, financial services.
- Notable Investments: Swiggy, OYO Rooms, Byju's.
What's Next for Porter?
Porter stands at the cusp of significant growth, with plans to expand its operations to 35 cities in India by 2023. The logistics industry in India, valued at over $200 billion, presents a vast opportunity for Porter to bridge the gap between demand and supply in intra-city logistics. Leveraging its technology-enabled platform, Porter aims to enhance vehicle utilization and service levels, positioning itself as a key player in the market.
Future fundraising opportunities appear promising, given the successful Series E round led by Tiger Global Management and Vitruvian Partners. The company's growth trajectory and market expansion plans are likely to attract further investment, enabling Porter to scale its operations and enhance its service offerings. However, challenges such as competition from other logistics providers, managing rapid expansion, and maintaining service quality will need to be navigated carefully.
Use Clay to Get Funding Data
Sales professionals, take advantage of Clay's platform to access comprehensive fundraising data on companies like Porter and gather other critical business insights.
Sign up for free on Clay and elevate your sales strategy with unparalleled data and insights.
