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After speculations around $100 Mn fundraise last month, hyperlocal logistics startup Porter has confirmed closure of its Series F funding round.
The round was led by Kedaara Capital and Wellington Management, along with participation from existing investor Vitruvian Partners.
Although the company did not disclose the financial terms of the deal but said that the round is a mix of primary and secondary investments.
It was previously reported that this round could push Porter’s valuation between $1.2 -1.4 Bn. The company last raised nearly $100 Mn in a Series E funding round in October 2021, at a valuation of $500 Mn.
The company plans to use the fresh capital to expand into more cities, support MSMEs, and create opportunities for over 1 Mn gig workers.
Besides, it will channel the funds toward team expansion, technology development, and operational improvements, while keeping the sustainability part intact.
Founded in 2014 by Pranav Goel, Vikas Chaudhary, and Uttam Digga, Porter offers services such as distance-based allocation, GPS tracking, and proactive notifications to empower its driver partners.
It counts Tiger Global, Peak XV, Lightrock and Kae Capital among investors. Porter competes with the likes of Shadowfax, Dunzo, Swiggy Genie, and Pidge.
(The story will be updated soon.)
The post Porter Closes Series F Round Led By Kedaara, Wellington Management appeared first on Inc42 Media.
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