Porter, an online logistics marketplace, has raised INR 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 solutions, as well as help recruit talent.
Founded in August 2014, 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. Porter currently 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.
Porter provides reporting and intelligence tools that allow businesses real-time monitoring of the vehicles they use. The company is also developing APIs that would enable SMEs and startups to integrate this logistics system with the customers’ internal processes.
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.