Porter, an India-based on-demand logistics provider backed by conglomerate Mahindra & Mahindra, has collected Rs 7.5bn ($100m) in a series E round co-led by Tiger Global Management and Vitruvian Partners.
Sequoia Capital India and Lightrock India also took part in the round while IndigoEdge was financial adviser for Porter.
Founded in 2014, Porter provides on-demand delivery services through a network of mini-truck drivers across 13 Indian cities, allowing clients to contact their courier and track the location of their goods through its online platform.
The company intends to use the capital to further consolidate its market position, acquire new talent and expand its operations to 35 cities across India by 2023. It had raised $18.2m in series D funding from impact investment platform Lightstone Global Fund in April 2020.
Porter had previously secured a $10m investment from Mahindra & Mahindra in 2018 when it merged with Mahindra-owned online marketplace SmartShift, having previously received an undisclosed amount of series B funding from unnamed investors in 2017.
Kae Capital and Sequoia Capital provided the company with $5.5m in a June 2015 series A round which followed a $480,000 seed injection by Kae Capital two months earlier. Its backers also include angel investors Anupam Mittal and Sandeep Tandom.
