Cradle Fund invests in Malaysian international shipping startup Yellow Porter | Digital Asia
The company, which provides international shipping services, has raised US$241,000 (RM1 million) funding led by Cradle Fund Sdn Bhd
Malaysia-based international shipping service startup Yellow Porter announced that it has secured a total of US$241,000 (RM1 million) investment from Cradle Fund Sdn Bhd. The investment is said to help the company with its expansion plan, improve the shipping experience, web, and mobile automation, as reported by Digital News Asia.
“We have seen an encouraging growth in Yellow Porter since the company first operated in January 2017. For 2018, we aim to achieve a 100% month-over-month growth in user acquisition and a 20% to 30% month-on-month growth in shipping orders,” said co-founder and CEO Vimal Kumar.
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Prior to this fresh funding, previous rounds saw Yellow Porter backed by angel investors and the Cradle CIP150 grant for the pre-seed program. At the beginning of this year, the company received an equity investment from Cradle via its DEQ800 programme and funding from a co-investment program, Cornerstone.
Yellow Porter’s main business is complementing the e-commerce industry by offering affordable end-to-end international shipping and last-mile delivery service. Using the company’s platform, users will gain access to Yellow Porter’s overseas shipping addresses which can be used for delivery of items purchased from e-commerce or physical stores abroad.
The items will then be matched to travelers, who are registered as ‘Porters’. The process is done completely online and ‘Porters’ pocket a reward for helping buyers acquire and ship items.
On the buyers’ part, products are shipped to their desired location at a relatively more affordable price, without forking out exorbitant international shipping rates.
Yellow Porter has partnered with established logistics players globally like DHL and others that provide an option for express shipping and larger sized items to reach its customers.
Right now, the company is focusing on expansion with the newly injected fund. “We are striving to expand our business in Southeast Asian countries such as Indonesia and Vietnam. In addition to that, we are also hoping to expand Yellow Porter’s scope to more cities in Europe and USA,” said Kumar.
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Yellow Porter currently serves Malaysia, the US, UK, Australia, South Korea, Japan, Germany, Taiwan, India, Hong Kong, and with more countries to come.
Image Credit: Yellow Porter