Porter, a logistics marketplace based in Mumbai raised Rs 50 crore funding from Mahindra Group in a Series C funding round. Resfeber Labs Private Limited operates the firm and allotted 246,280 shares of Rs100 each for the funding at a premium of Rs 1932.20 per share on March 28, 2018.
Presently, the startup raised over Rs 135 Cr from investors that comprise of Sandeep Tandon, Anupam Mittal, Kae Capital, Sequoia Capital and Mahindra. As part of the deal, Mahindra’s Smartshift will merge with Porter.
Porter was founded in 2014 by three IIT alumni, notably, Pranav Goel, Vikas Chaudhary and Uttam Digga and specializes in helping residents hire light trucks in order to shift their goods from one place to another. Moreover, Porter combines technology and logistics in its service to ensure reliable and efficient pickups and deliveries within a city.
The aim of the company was to resolve the problems surrounding the sector of last mile logistics. It also aspired to change the way goods are transported around cities and in so doing, enable multiple businesses to move anything. The firm now boasts a team of 300 employees and accommodated 1.5 million bookings since inception.