Logistics marketplace Porter to raise funds in Series-B round

Had raised Rs 35 crore in a Series-A round of funding from Sequoia Capital, Kae Capital and other investors in June 2015

Porter, a Mumbai-based online logistics marketplace, is looking at raising a Series-B towards the middle of 2016, according to its co-founder and chief executive officer Pranav Goel.

Founded in August 2014 by IITians Pranav Goel, Uttam Digga and Vikas Choudhary, Porter has raised Rs 35 crore in a Series-A round of funding from Sequoia Capital, Kae Capital and other investors in June 2015. It has raised around $500,000 from Kae in April 2015.

"The proceeds from the Series-A will be just enough for our geographical expansion. We may require more funds to get deeper into the existing markets, besides developing new technologies and products," Goel told Business Standard.

Porter, an aggregator of light trucks, allows businesses and consumers to hire trucks and tempos on-demand for their intra-city pickup and delivery needs, on Monday entered the Hyderabad market, with 200 vehicles on its platform making 400 trips a day.

In three months, supply is expected to increase by 500 vehicles making 1,500 trips a day, Goel said.

Across Delhi, Mumbai, Hyderabad, Bengaluru and Chennai, Porter currently has 1,500 vehicles with 3,000 trips daily.

"Our plan is to expand to 10 more cities across the country with a fleet of 15,000 vehicles making 25,000 transactions per day, by the end of the 2016 calendar," Goel said.