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Sequoia, Kae lead round for India logistics marketplace

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Sequoia Capital and Kae Capital have led a INR350 million ($5.5 million) Series A round for Indian online logistics marketplace Porter, with participation from three strategic angel investors.

Porter operates a mobile app and online marketplace through which businesses and consumers can hire trucks and drivers for delivery and pick-up. The company currently operates in Mumbai and the National Capital Region of India, and plans to add four more cities in the upcoming year.

The new funding will support the planned geographical expansion, as well as go towards improving the company's existing systems and recruiting new talent, according to a statement. Porter's network currently includes 300 trucks that handle 10,000 transactions per month. Among its customers are e-commerce firms such as Godrej and Urban Ladder, along with fellow logistics firms Delhivery and Aramex.

This is the second investment in Porter by Kae Capital. The firm committed INR30 million to the company's seed round in April. Kae provides early-stage and seed funding, with commitments usually between $200,000 and $3.5 million.

Sequoia is currently investing out of its Capital India IV fund, which closed in 2014 at $530 million. Preferred sectors for the fund are technology, consumer and healthcare.

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