SUMMARY
The startup said in a statement that the fresh infusion will accelerate the startup’s growth and its goals to aggregate India’s 10 Mn+ fragmented truckers
Parts of the fund will also be used in expanding its market presence, accelerating the startup’s journey to profitability, and enhancing its suite of logistics services
Weeks back, Inc42 had exclusively reported that the startup was planning to raise $13.5 Mn funding in a mix of equity and debt from its existing investor Bertelsmann
Trucking aggregator startup letstransport
has raised $22 Mn (around INR 183 Cr) as a part of its Series E funding round led by its existing investor Bertelsmann India Investments.
The round also saw participation from Rebright Partners, NB Ventures, ALES Global, Stride Ventures and CAC Capital, among others.
Last week, Inc42 was the first to report that LetsTransport would be raising $13.5 Mn in a mix of equity and debt infusion from Bertelsmann.
The company plans to deploy the fresh proceeds to boost its growth and goals to aggregate India’s 10 Mn+ fragmented truckers. Besides, the funds will also be used to expand market presence, scaling up profitability goals and fuelling its suite of logistics services.
LetsTransport’s cofounder and CEO Pushkar Singh said, “We believe ourselves to be an enablement layer by creating products which become a bridge between India’s vision of making logistics competitive and stakeholders proactively looking for upgradation… This latest funding round not only fuels our growth but also reaffirms our shared vision of transforming the logistics industry.”
Founded in 2015 by Singh, Sudarshan Ravi, and Ankit Parasher, LetsTransport is a last-mile tech-logistics solution provider for intra-state deliveries. The Bengaluru-based startup offers light commercial vehicles for urban logistics in over 20 cities.
LetsTransport offers first to last mile delivery solutions, along with cold chain solutions. Its mobile platform provides enterprises a cost-effective transportation solution and helps them connect with truckers.
The startup claims to have served over 200 enterprises till date and counts the likes of Flipkart, CocaCola, Amazon, Bisleri, and Nestle among its clients. It has a presence in major Indian cities like Delhi NCR, Chennai, Mumbai, Bengaluru, Pune, and Hyderabad.
Last year, LetsTransport bagged $25 Mn in a round led by Bertelsmann India, which contributed $20 Mn.
The startup competes against the likes of WheelsEye, Agraga, and Zyngo. WheelsEye posted a revenue of INR 208 Cr and a loss of INR 96 Cr in the financial year FY23. Meanwhile, Agraga bagged $8.5 Mn funding from IvyCap Ventures and Alteria Capital in 2023 and Zyngo raised $5 Mn from Delta Corp and LLC Nueva Investments in the same year.
LetsTransport is yet to file its financial statements for FY23 with the Ministry of Corporate Affairs (MCA). In FY22, it posted a revenue of INR 407 Cr and a loss of INR 73 Cr.
