India’s leading technology-based on-demand logistics company, Porter, has announced its first overseas expansion into the UAE, offering intra-city logistics services in Dubai.
With more than 20,000 customers currently on board, Porter plans to invest $6 million in the UAE over the next three years. Additionally, the company plans to invest $50 million in international expansion over the next five years.
The expansion comes in line with the company’s current plans to explore the GCC region and the Indian subcontinent. Backed by some of the most prominent and active venture capital investors including Tiger Global, Sequoia Capital, and Lighrock India, the logistics startup had earlier raised a $100 million Series E round to scale up the business.
The company will provide a technology-enabled platform to ensure hassle-free delivery through its light commercial vehicles and two-wheelers, addressing the gap in intra-city logistics needs for personal and business small parcel delivery needs in the region. In addition, the company hopes to strengthen its operations in these cities and further increase its customer acquisition by 2 times to more than 40,000 and the number of vehicles by 3.2 times to more than 800 vehicles by March 2024.
Porter provides cost-effective solutions that help improve low vehicle utilization, increase system capacity, and ensure that the right vehicle is available to meet customer requirements. This will also lead to efficient intra-city logistics, lower rates for customers and more revenue for driver-partners. The company currently has more than 300 light commercial vehicles on the platform and recently launched 15 two-wheelers to expand its presence in the region.
Pranav Goel, CEO and Co-Founder of Porter, said: “We are delighted to enter the UAE as our first overseas market. Dubai is a global business hub and it is an excellent choice for organizations aiming to establish a footprint in the region. An excellent facilitator. We appreciate all the business-friendly policies and infrastructure the region has to offer and we hope to multiply our presence in the market. Expansion in the UAE will contribute to the overall development of the global intra-city logistics ecosystem while It’s also good for the local economy. We at Porter are also actively working to create jobs for our driver-partners and provide customers with cost-effective solutions powered by technology.”
“We are pleased with the response to our platform and the experience we have gained from the Indian market will help us accelerate our growth in the UAE. Our model works by addressing issues such as low vehicle utilization, inability to obtain the right type of vehicle and high cost to customers , helping improve system efficiency. This expansion should help provide logistics solutions to businesses and give consumers direct control over their deliveries,” said Ankit Dwivedi, Porter’s vice president of international operations.
In April, during the holy month of Ramadan, Porter pledged to make a positive impact on the community by donating Iftar meals and clothing with each delivery. With this, Porter aims to help those in need by providing a healthy and filling meal at the end of a long fasting day.
The company looks forward to exploring more potential opportunities in the field of intra-city logistics in the future and expanding its business scale. — trade arab news agency