Bangalore-based tech-logistics startup, LetsTransport has raised $1.3Mn in a seed round of funding led by Singapore-based Japanese venture capital firm Rebright Partners. Serial Entrepreneurs Ankush Nijhawan, Gaurav Bhatnagar and Manish Dhingra also participated in this round.
Newly raised funds will be used for expansion, technology advancement and hiring new talents. Company plans on expanding to Chennai in few months.
LetsTransport was founded by Pushkar Singh, Sudarshan Ravi and Ankit Parasher in January,2015. They aim to streamline and revolutionize intra-city logistics at the tap of a button. LT operates on both B2B and B2C model.
It stands out with features like screened drivers, audited vehicles, transparent pricing and point-to-point billing, driver’s mobile app and client’s ashboard. On the household front their services can be used for anything ranging from delivering appliances, moving furniture, to relocating or for simply hauling goods for a party.
Company’s present traction falls close to 3,000 bookings, with a client base ranging corporates like Decathlon to startups like Spoonjoy and CredR. Company does not own any trucks, rather they partner with both driver entrepreneurs and estate owners to fill in the service-demand gap, the present count of trucks onboard is 100 and pose to increase rapidly with company’s expansion plans.
Commenting on the investment, Takeshi Ebihara, Founder General Partner, Rebright Partner said “We have explored similar markets in South East Asia & see immense potential in the on demand logistics market in India. The team has brilliant operational insights developed from grass-root level knowledge, which has enabled them to conceptualize a relevant global product having the ability to disrupt the logistics space”.
LetsTransport mainly competes with companies like TheKarrier, Blowhorn and Shippr. Today only, another logistics company – Pickingo, targeting B2B Hyperlocal logistics has raised $1.3Mn from Orios Venture Partners, with participation of an angel investor Zishaan Hayath.
Also, only a month back LetsTransport had acquired another Bangalore-based logistics startup, Shifter.