Investments, Startups

Logistics Startup The Porter Raises Around $500K in Funding from Kae Capital

image source: cerasis

image source: cerasis

Mumbai-based startup, The Porter has closed a funding of under $500000 from Kae Capital.The startup’s mobile app allows users to hire vehicles for relocation or to move perishables, ecommerce deliveries and even construction supplies.

The company said that it will use the money from the latest funding to expand its fleet in Mumbai, as well as to enter Delhi and Bengaluru in 2-3 months. It also plans to expand its team of 40 by adding employees in the business development and technology functions

Furthermore, The Porter expects to raise a funding of $5-6 million in the next six months according to ET.The funding shows the emerging interest in logistics startups as Loginext, another Mumbai based logistics startup raised funding this past week.

The Porter was found in August 2014 by IIT graduates Pranav Goel, Uttam Digga and Vikas Choudhary. As of now, the company claims to process more than 2,000 transactions every month, translating into monthly revenues of at least Rs 25 lakh.

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