Tech-based, on-demand, intra-city logistics company Porter has raised Rs 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.
The company said in a statement on Monday it will leverage this capital infusion to consolidate its position, focus on acquiring talent and expanding operations to enter the top 35 cities of India by 2023.
“In a challenging market, Porter has developed excellent repeat driver and customer cohorts, demonstrating the platform's unique value,” said Partner, Tiger Global, Griffin Schroeder. Porter said it now has presence in 13 cities across India with more than 50 lakh customers, and two lakh-plus owner-drivers on board.
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