Porter, India’s leading tech-based, on-demand, intra-city logistics company has raised INR. 750 crore in its Series E funding round led by Tiger Global Management and Vitruvian Partners, with participation from existing investors Sequoia Capital India and Lightrock India.
Talking about the funding, Pranav Goel, CEO, Porter said, “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 utilisation and service levels for our users. Over the years, we have realised that apart from being a great business opportunity, we have a chance to make a positive impact on the lives of over 2 lakh driver-partners. Everyday still feels like we are at Day 1 in this exciting journey, and we are grateful to have partners who share our vision.