Porter, an India-based on-demand logistics provider backed by conglomerate Mahindra & Mahindra, has received Rs 1.4bn ($18.2m) of series D funding from impact investment platform Lightstone Global Fund, Inc42 has reported.
Founded in 2014, Porter provides on-demand delivery services through a network of mini-truck drivers, allowing clients to contact their courier through the platform and track the location of their goods in real time. It has facilitated more than 3.5 million orders to date.
Mahindra & Mahindra invested $10m in the company in early 2018 when it merged with Mahindra-owned marketplace SmartShift, according to Inc42, the deal following an undisclosed amount of series B funding from unnamed investors the previous year.
Sequoia Capital and Kae Capital co-led Porter’s $5.5m series A round in June 2015, two months after it received $480,000 in seed funding from the latter. Its existing backers also include angel investors Anupam Mittal and Sandeep Tandom.