Bengaluru-based tech-enabled logistics marketplace LetsTransport has acquihired web and mobile app development startup Pixlcoders.
LetsTransport has brought on board the fellow Bengaluru startup’s team to strengthen its supply chain, technology and applications divisions. With the acquihire, LetsTransport aims to further build on its logistics industry tools and expand its presence in India.
Pixlcoders’ team of 10 engineers and tech enthusiasts along with the founders will also help LetsTransport offer customised solutions such as user research, market validation, enriched UX and branding.
Founded in 2016 by Suresh Pattu and Punam Garu, Pixlcoders offers affordable customised software, digital products, ecommerce shops, and mobile applications across industries. The company claims to have helped develop websites, mobile apps and software for clients in India, the US, UK, and UAE.
Sudarshan Ravi, founder and CPO of LetsTransport, said, “I believe technology is having a great impact in logistics, making it an improved, automated, efficient and transparent process. Pixlcoders are an extremely talented and high-performance team and it feels great to add disrupting minds of technophiles to our growing team.”
With the acquihire, LetsTransport aims to engage more than 100K truckers by next year. This will further enable enterprises to reach their consumers faster.
Suresh Pattu, cofounder and CEO of Pixlcoders, said, “We are glad to collaborate with them and look forward to helping the brand expand in new geographies with enhanced applications and technology. Emerging technologies in logistics are pushing the boundaries and evolving the mechanism of the industry.”
Founded in January 2015 by Pushkar Singh, Sudarshan Ravi, and Ankit Parasher, LetsTransport facilitates inter-city aggregation of mini trucks and large vehicles across industry sectors such as retail, FMCG, and ecommerce across B2B and B2C segments.
It also provides intra-city logistics solutions for everyday errands like shifting houses, buying furniture, electronics, etc. Customers can book a truck using the company’s online platform.
LetsTransport aggregates light commercial vehicles for urban logistics. With a growth of over 10% M-o-M, LetsTransport claims to have onboarded over 55K truckers on its platform across 14 cities.
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.
According to DataLabs by Inc42, logistics startups raised $942.73 Mn in 2019. The market size of the Indian logistics sector is expected to reach $215 Bn by 2020, logging 10.5% CAGR, as per IBEF.
Logistics also generates millions of employment in the country. To be precise, the sector currently employs 22 Mn people and the count is expected to surge to 40 Mn by 2020. At present, draft national logistics policy is under works and is expected to bring down India’s expenditure on logistics to 9% of GDP from the existing 14%.