Porter raises Rs. 750 Cr in Series E funding
Porter recently announced that it raised Rs. 750 crore in its Series E round led by Tiger Global Management and Vitruvian Partners, along with existing investors Sequoia Capital India and Lightrock India.
The Mumbai-based startup plans on using the capital raised to focus on talent acquisition and expand its operations.
Porter CEO Pranay Goel 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 two lakh driver-partners. Everyday, it still feels like we are at Day 1 in this exciting journey, and we are grateful to have partners who share our vision,” he added.
Founded in 2014 by Pranav Goel, Uttam Digga, and Vikas Choudhary, Porter is a logistics marketplace that allows its user base to book vehicles on demand for inter-city transportation.
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