Mumbai-based online on-demand logistics marketplace startup ‘The Porter‘ has raised $5.5 million or Rs 35 crore round led by Sequoia Capital India with participation from Kae Capital and angels like Shaadi.com founder Anupam Mittal, Freecharge co-founder Sandeep Tandon and JM Financial’s Rajeev Chitrabhanu.
The Porter is an online logistics marketplace to book trucks and tempos. The startup plans to use the fresh funding to expand to six cities by next year, and for recruitment.
The investment comes less than three months after the startup raised its seed round of Rs 3 crore from Kae Capital.
Through The Porter, which currently has 300 vehicles handling 10,000 transactions a month in Mumbai and NCR, businesses and consumers can hire light trucks and tempos according to their needs.
Founded in August 2014 by IIT graduates Pranav Goel, Uttam Digga and Vikas Choudhary, The Porter makes intra-city pickups and deliveries thoroughly efficient and reliable with its varied fleet of vehicles ranging from Tata Ace to Tata 909. It has partnered drivers that are tracked on real-time basis, ensuring that a mini-truck that exactly satisfies the customer’s requirement is made available to them, within 60 minutes.
The startup will launch in Bengaluru in the next two weeks while other cities on the radar are Chennai, Hyderabad, Pune and Ahmadabad.
“We plan to grow by 10x in terms of transactions in the next six months, while the vehicles will grow 6-7x as capacity utilisation in terms of number of trips will start increasing,” said 25-year-old co-founder Goel, who worked at JP Morgan and Cognizant before launching the company in August 2014.
The online logicstics startup space has also seen other startups like Gurgaon-based trucksfirst, Delhi-based Moovo, the Karrier and Shippr raise venture capital funding over the last few months.
The Porter will launch in Bengaluru in the next two weeks while other cities on the radar are Chennai, Hyderabad, Pune and Ahmadabad.
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