[Funding alert] Logistics startup Porter raises Rs 140 crore in Series D round from Lightstone Global Fund
On-demand logistics marketplace Porter has raised Rs 140 crore from Lightstone Global Fund.
The funding comes at a time when players need to support the increasing need for logistics amid the COVID-19 lockdown.
According to the MCA filings reviewed by YourStory, Porter has raised Rs 139.7 crore in its Series D funding round. The filings reveal that 5,48,190 shares were allotted to the venture capital firm by Porter as a part of the deal. The price per share stood at Rs 2,540.21 with a nominal value of Rs 100.
YourStory has reached out to Porter via email for further details about the funding.
Founded in 2014 by Pranav Goel, Uttam Digga, and Vikas Choudhary, Mumbai-based Porter is an aggregator of light trucks, which allows businesses to book vehicles on demand for completing their intra-city logistics needs. Currently, Porter works with ecommerce, FMCG, SMEs, traders, 3PLs, courier, and cargo companies.
Currently, the startup is present across six cities including Mumbai, Delhi NCR, Bengaluru, Hyderabad, Chennai, and Ahmedabad. The tech-enabled company allows users to track the rides in real time by sharing access to truck location and driver contact.
Porter counts companies such as Godrej, Reliance, ITC, Urban Ladder, Delhivery, and Aramex as a part of its portfolio.
According to media reports, Mahindra Group-owned logistics marketplace SmartShift had merged its operations with Porter in 2018, and had invested $10 million in the startup as part of the deal.
In 2015, the company raised Rs 35 crore in Series A funding from Sequoia, Kae Capital, and other investors for geographical expansion, improving existing products and solutions and recruiting talent.
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.