Porter to invest Rs 50 cr to expand business in UAE

New Delhi: Tiger Global-backed logistics startup Porter plans to invest about Rs 50 crore (USD 6 million) in the expansion of business in the UAE in the next three years, the company said on Monday.

Porter has expanded overseas and has started offering its intra-city logistics services in Dubai.

"Presently with more than 20,000 customers onboard, Porter plans to make an investment of USD 6 million in the UAE for the next 3 years," the company said in a statement Porter provides a tech-enabled platform to ensure deliveries through its light commercial vehicles and two-wheelers for small package delivery requirements of both individuals and businesses.

"We are thrilled to enter UAE as our first overseas market. With Dubai being the hub of global business, we expect to scale our business exponentially in the market, especially with the business-friendly policies and infrastructure that the region has to offer," Porter CEO and Co-Founder Pranav Goel said.

Founded in 2014, Porter claims to have serviced over 1.3 crore customers across 19 cities in India, with a workforce of 2,600 employees.

Porter has launched services in Dubai and Sharjah.

"The company is looking to bolster operations in these cities and further increase their customer acquisition by 2 fold to over 40,000 and vehicle base by 3.2 times to over 800 by March 2024," the statement said.

The company currently has over 300 LCVs on the platform and recently introduced 15 two-wheelers to expand its operations in the UAE.