Fosun-Backed LetsTransport Cofounder Quits To Start Fintech Startup

Bengaluru-based tech-enabled logistics marketplace LetsTransport cofounder Ankit Parasher has decided to exit from the company and launch Poziom Ventures that will operate a fintech platform called Salt. Parasher, however, will continue to be a part of LetsTransport in the capacity of a board member and shareholder.

Highlighting that fintech is sector agnostic, Parasher in an interaction with Inc42 said, “All startups are fintech at core, though they do not present themselves like that. Even if you say that LetsTransport is a logistics company, it’s still there is a lot of financing and technology that goes into building the platform.”

The IIT Kharagpur graduate says his decision to launch a fintech startup was taken only after brainstorming several concepts and business models. He added that his learning curve began and grew with LetsTransport.

In April, two months after completing his exit from LetsTransport in February, he finally zeroed down on Salt. Parasher said Salt is a banking solution for small and medium enterprises (SME), especially for companies that deal in multiple sectors and multiple currencies. Parasher could not share much details about the business model as the company is still in an early stage.

He said plans are on the anvil to expand business outside India by next year, and is actively looking for inventors to kick off its first round. The company currently employs five people, and will be hiring more across verticals as the company grows.

Parasher had founded LetsTransport in 2015, along with Pushkar Singh and Sudarshan Ravi.  The two cofounders will continue to be a part of the company. “A few months back, my cofounders and I came to an understanding that I want to work on something out of LetsTransport and have been very supportive of this decision. We all are still close friends, and we will remain the same way our whole lives,” Parasher said in a LinkedIn post.

LetsTransport facilitates inter-city aggregation of mini trucks and large vehicles for sectors such as retail, FMCG, ecommerce across B2B and B2C. It also provides intra-city logistics solutions for everyday errands like shifting houses, buying furniture, electronics among other things. Customers can book a truck using the company’s online platform.

The company has raised $20 Mn funding till date from leading investors like Fosun RZ Capital, Bertelsmann India Investments, Mitsubishi Corporation and others. LetsTransport is now investing in geographical and technological expansion and integrating technology to add more clients and for scaling up the company’s operations.