India logistics provider Porter gets $100m Series E
Porter, which claims to operate India’s largest marketplace for intracity logistics, has raised an INR7.5 billion ($100 million) Series E round featuring Tiger Global Management.
Tiger Global led the round alongside Vitruvian Partners. They were supported by Lightrock India and Sequoia Capital India. Lightrock, formerly LGT Lightstone Aspada, led an INR1.2 billion Series D last year.
Porter operates across last-mile and first-mile deliveries, providing services such as on-demand transportation, real-time visibility, and supply chain management for more than five million customers across 13 cities. The plan is to expand to 35 cities by 2023.
The service includes loading, unloading, cashless payment options, and access to a fleet of more than 150,000 owner-drivers featuring a range of light trucks and two-wheelers. Use-cases range from dropping off a document, to individuals moving house, to enterprise goods delivery.
The company positions itself as the only logistics business in India to be fully asset-light and claims its model offers more than 30% savings versus competitors. It has achieved at least 100% annual growth rates every year since its inception in 2014, according to The Economic Times.
“Porter has built a leadership position frugally in the fast-growing intracity market. Impressed by their high growth rate with profitable unit economics and metrics that are comparable to leading businesses world over, we couldn’t be happier to have started our journey with Porter and are hoping to see new milestones being made in the coming years,” said Peter Read, a partner at Vitruvian.
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