Mumbai-based Porter, an online logistics marketplace, has raised Rs 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 for hiring new talent. In April, it had closed funding of under $500000 from Kae Capital.
The startup was founded in August 2014 by IIT graduates Pranav Goel, Uttam Digga and Vikas Choudhary. 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. Currently, it 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.
Within a year of operation, the company has built a portfolio of customers including Godrej, Reliance, ITC, Urban Ladder, Delhivery and Aramex among others.
Porter also provides reporting and intelligence tools that allow businesses real-time monitoring of the vehicles they use. The company is 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 25% of the market. 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.
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.
Logistics marketplace is catching up in India, with startups in this space gaining VC attention. Few days back, logistics service provider Shippr, raised $500,000 in seed round and Moovo received funding from Yuvraj Singh’s YouWeCan Ventures. Bengaluru-based startup TheKarrier, raised $235,000 from Sol Primero and Outbox Ventures in May this year.
Other players like Trucksuvidha, Blowhorn, Trucksfirst, Truckmandi, etc. are also operating in this space.