Exclusive: Trucking Aggregator LetsTransport To Raise $13.5 Mn From Bertelsmann

Trucking aggregator LetsTransport is raising $13.5 Mn (about INR 113 Cr) in a mix of equity and debt from its existing investor Bertelsmann. 

LetsTransport is raising $7.6 Mn (about INR INR 63.5 Cr) via compulsorily convertible shares, while the remaining amount is being raised in the form of debentures, the startup’s regulatory filings showed.

As per the filing, Bertelsmann will hold around 44.7% stake in the startup post this funding round

It is pertinent to note that LetsTransport also raised a debt of $4.7 Mn (about INR 40 Cr) from Alteria Capital and InnoVen Capital in March, the filings showed.

A query mail sent to LetsTransport on the funding round didn’t elicit any response till the time of publishing this story.

The fresh funding round comes almost a year after the startup announced raising $25 Mn led by Bertelsmann. 

Founded in 2015 by Pushkar 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. 

Overall, LetsTransport has raised a total funding of about $65 Mn till date, including the latest fundraise. It is also backed by the likes of Fosun International and Stride Ventures.

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.