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LOGISTICS 4<br />
Porter raises Rs 50 Cr from Mahindra Group in series C round of<br />
funding<br />
In what appears<br />
to be a Series C<br />
round of funding,<br />
Porter has raised<br />
Rs 50 crore from<br />
Mahindra Group.<br />
With this, the B2B<br />
logistics marketplace<br />
has accumulated<br />
about Rs 135 crore<br />
from investors such<br />
as Sequoia, Kae Capital,<br />
Anupam Mittal<br />
and Sandeep Tandon.<br />
Earlier in December<br />
2016, the company<br />
raised an undisclosed<br />
sum in Series B round<br />
while its Rs 35 crore<br />
Series A round was<br />
led by Sequoia and<br />
Kae Capital. The company<br />
which claims to<br />
save 20-25 percent on<br />
logistics expense for<br />
its clients, was founded<br />
by IIT alumni, Pranav,<br />
Uttam Digga and<br />
Vikas Choudhary.<br />
Two months ago, Porter<br />
had also inked an<br />
agreement to merge<br />
with Mahindra Group’s<br />
owned logistics marketplace<br />
SmartShift.<br />
The<br />
aforementioned<br />
funding amount seems<br />
to be a part of the deal.<br />
Porter is likely to be<br />
renamed Mahindra<br />
SmartShift, post this<br />
round.<br />
HyperloopTT opens first global innovation center for logistics in Brazil<br />
Hyperloop<br />
Transportation<br />
Technologies (HyperloopTT)<br />
has announced<br />
the establishment of HyperloopTT's<br />
XO Square as part<br />
of a new multi-million dollar<br />
agreement with Brazil<br />
in Contagem, Minas Gerais.<br />
Located on 5.4 acres, the<br />
43,000 sq/ft XO Square will<br />
house the company's new<br />
HyperloopTT logistic research<br />
division, a fabrication<br />
lab, and an ecosystem<br />
of leading global companies,<br />
startups, universities, innovators,<br />
scientists, and governments<br />
from all around<br />
the world focused on solving<br />
growing issues in logistics.<br />
The center is officially supported<br />
by the Government<br />
of the State of Minas Gerais,<br />
the State of Minas Gerais<br />
Research Foundation<br />
(FAPEMIG), the Federation<br />
of Industries of the State of<br />
Minas Gerais (FIEMG), and<br />
the Municipality of Contagem.<br />
The agreement was<br />
made through a public-private<br />
partnership (PPP) with<br />
an investment of approximately<br />
$7.85 million in its<br />
first phase, which includes<br />
contributions from HyperloopTT,<br />
the Secretariat of<br />
Economic Development, Science,<br />
Technology and Higher<br />
Education (SEDECTES), and<br />
private investors. In addition,<br />
the physical space of 5.4 acres<br />
and 43,000 square feet of constructed<br />
space has been provided<br />
by the Municipality of<br />
Contagem.<br />
"The State of Minas Gerais,<br />
and the municipality of Contagem<br />
in particular, are one<br />
of the most significant logistics<br />
distribution hubs for Brazil,"<br />
said Bibop Gresta, chairman<br />
of HyperloopTT. "With a<br />
strategic geographic position,<br />
a high concentration of large<br />
industries, and a dedication<br />
to innovation, it is an ideal location<br />
for HyperloopTT's XO<br />
Square."<br />
Meanwhile, State Secretary<br />
of SEDECTES, Miguel Corrêa<br />
said, "The government of<br />
Minas Gerais works towards<br />
promoting the state's innovation<br />
and entrepreneurship<br />
scenario, encouraging young<br />
people to become involved in<br />
research and technology. Our<br />
objective is to connect large<br />
companies and startups, generating<br />
businesses and smart<br />
solutions for different areas.<br />
Knowing that Minas Gerais<br />
will host HyperloopTT's research<br />
center, means that<br />
we are contributing with<br />
the State's economic growth<br />
throughout different paths,<br />
such as science, technology<br />
and innovation. This choice<br />
strengthens and boosts credibility<br />
for the actions being developed<br />
by the government."<br />
According to Alex de Freita,<br />
the mayor of Contagem, the<br />
public administration has<br />
worked to attract innovation,<br />
taking advantage of the city's<br />
logistics capacity, in addition<br />
to investments of more than<br />
R$ 1 billion to be made in urban<br />
mobility in the next three<br />
years.<br />
An innovative transportation<br />
and technology company HyperloopTT,<br />
focuses on realising<br />
the Hyperloop by creating<br />
and licensing technologies<br />
through the use of unique,<br />
patented technology and an<br />
advanced business model of<br />
lean collaboration and open<br />
innovation. Earlier in 2017,<br />
the company also signed a<br />
memorandum of understanding<br />
with the government of<br />
the Indian state of Andhra<br />
Pradesh to develop a Hyperloop<br />
transportation route between<br />
the cities of Amaravati<br />
and Vijaywada. The route<br />
will reduce a one-hour trip to<br />
as little as just six minutes,<br />
if successful, and will employ<br />
a public private partnership<br />
model funded primarily from<br />
private sources to fund its<br />
construction.<br />
The two-phase plan includes<br />
first conducting a feasibility<br />
study beginning in October,<br />
which is expected to last<br />
around six months, and then<br />
to follow that up with Phase<br />
2, which will be the actual<br />
construction of the Hyperloop<br />
itself.<br />
ITLN
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