Mumbai-based on-demand logistics marketplace, Porter, has recently announced it has raised ₹140Cr in Series D funding round from Lightstone Global Fund.
The recent fund infusion comes at a time when logistics is a big issue for the organizations that are delivering essential services at doorstep due to ongoing lockdown.
According to the company filings made to the Ministry of Corporate Affairs, Porter has issued 5,48,190 Series D shares to the venture capital firm for ₹139.7Cr. The price per share stood at ₹2,540 with a nominal value of ₹100.
Porter was founded in 2014 by IIT alumni Pranav Goel, Uttam Digga and Vikas Chaudhary. The startup aims to offer economical, efficient and reliable logistics solutions to its customers.
Currently, Porter works with ecommerce, FMCG, SMEs, traders, 3PLs, courier, and cargo companies and employs more than 300 individuals. Currently, the startup is present across six cities including Mumbai, Delhi NCR, Bengaluru, Hyderabad, Chennai, and Ahmedabad.
Earlier in 2015, the company raised ₹35Cr in Series A funding from Sequoia, Kae Capital, and other investors for geographical expansion, improving existing products and solutions and recruiting talent.
Recently in 2018, Mahindra Group-owned logistics marketplace SmartShift merged its operations with Porter. The Mahindra Group had invested $10 million in the startup as part of the deal.
The COVID-19 led lockdown has affected the logistics sector immensely. Several entrepreneurs and startups have said that the lack of logistics services is a major difficulty in transporting goods and products across India.
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