Bengaluru-based tech-logistics solution provider LetsTransport has raised over INR 55 Cr in Series B funding from at least 11 investors.
According to the company’s filings with the Ministry of Corporate Affairs (MCA), LetsTransport has raised INR 55.87 Cr by allotting Series B1 Cumulative, Compulsorily Convertible Preference Shares (CCPS) at a nominal price of INR 1 per share and a premium of INR 13,001.65 per share to several entities. The company has raised INR 14.9 Cr from Bertelsmann Nederland BV; INR 11.1 Cr from Mitsui Sumitomo Insurance Venture Capital, private equity and VC ancillary of Japan-based insurance holding company Mitsui Sumitomo; INR 7.4 Cr from Tokyo-based venture capital firm Rebright Partners; and, INR 7.4 Cr from ALES Global Investment Partnership, also based in Japan.
The remaining amount worth INR 15.07 Cr has been raised from various Indian investors, namely Dharampal Satyapal Limited, DS Spiceco, SR Foundation, RR Foundation, Suruchi Foundation, Swati Foundation and Riti Foundation.
Among the investors mentioned above, Bertelsmann and Rebright Partners have previously invested in the company. Bertelsmann India Investments was one of the lead investors for LetsTransport’s Series B round in 2018, while Rebright Partners had invested in the company’s Series A round in 2017 as well as the Seed round in 2015.
Founded in January 2015 by Pushkar Singh, Sudarshan Ravi, and Ankit Parasher, LetsTransport aggregates light commercial vehicles for urban logistics and claims to have onboarded more than 55,000 truckers on its platform across 14 cities. LetsTransport works across industry sectors like organized retail, FMCG and ecommerce, distribution and 3PL (third-party logistics) companies. Some of its clients include Amazon, Flipkart, Bisleri, Vishal Mega Mart, Future Supply Chain, Coca-Cola, Delhivery, and Udaan.
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.
The company claims that it provides its customers with value-added services such as screened drivers, audited and GPS-enabled vehicles, point-to-point billing, status updates and 24×7 service.
Before this, LetsTransport had raised $24.6 Mn from 12 investors in eight funding rounds. Its last funding round was a Venture Round, where it raised INR 10 Cr from New Delhi-based venture capital firm Stride Ventures in June this year.
In February, Inc42 reported that LetsTransport had acquihired web and mobile app development startup Pixlcoders, to strengthen its supply chain, technology and applications divisions.
Recent months have seen India’s logistics tech startups attract VC interest across stages. In November, Pune-headquartered logistics company Xpressbees raised $110 Mn in its Series E round, led by private equity firms Investcorp, Norwest Venture Partners and Gaja Capital. The new round valued the startup at more than $400 Mn.
On the SaaS side of the spectrum, in October, AI-driven logistics startup Fleetx.io raised $3.1 Mn in pre-series B funding from existing investors, Singapore-based BEENEXT and India Quotient.
The market size of the Indian logistics sector is expected to hit $215 Bn by 2020, logging 10.5% CAGR, according to the Indian Brand Equity Foundation (IBEF). Logistics also employs 22 Mn people and the count is expected to surge to 40 Mn by 2020. At present, draft national logistics policy is under the works and is expected to bring down India’s expenditure on logistics to 9% of GDP from the existing 14%.