SUMMARY
Founded in 2015 by Pushkar Singh, Sudarshan Ravi, and Ankit Parasher, the truck aggregator startup’s total funding now stands at $50 Mn
LetsTransport will use the funds to expand its market presence and enhance its logistics suite
The startup offers light commercial vehicles for urban logistics in over 20 cities and has a base of more than 1 Lakh truck drivers.
Indian trucking aggregator letstransport
has raised $25 Mn in a round led by Bertelsmann India, which contributed $20 Mn.
Founded in 2015 by Pushkar Singh, Sudarshan Ravi, and Ankit Parasher, the truck aggregator startup’s total funding now stands at $50 Mn. The Bengaluru-based startup operates as a last-mile tech-logistics solution provider for intra-state deliveries.
LetsTransport is going to use this investment to expand its market presence, accelerate the company’s journey to profitability, and enhance its suite of logistics services.
According to the startup, it offers light commercial vehicles for urban logistics in over 20 cities and has a base of more than 1 Lakh truck drivers. Its mobile platform provides businesses a cost-effective transportation solution and helps them connect with truckers.
“This latest funding round not only fuels our growth but also reaffirms our shared vision of transforming the logistics industry. Globally, through its division Arvato, Bertelsmann is a major player in the supply chain industry, making them ideal long-term partners for us,” Singh said.
Chiming in, Rohit Sood, partner, Bertelsmann India said, “We are happy to invest an additional $20 Mn in our portfolio company, LetsTransport. We partnered with the company back in early 2019 and the team, excellently led by Pushkar, has delivered great results despite challenges posed by covid.”
The startup majorly operates in segments like retail, FMCG and ecommerce, and supply chains and counts names like Amazon, Flipkart, Bisleri, Vishal Mega Mart, Future Supply Chain, Coca-Cola, Delhivery, and Udaan as its top clients.
As the supply chain has been a concern for every industry, many startups have started stepping forth to help businesses with their innovative tech-driven solutions. This has also intrigued investors’ interest in such startups.
In May this year, Zyngo raised $5 Mn to expand its fleet size, enter new geographies and enhance technology. Zyngo is one of LetsTransport’s direct competitors in the space.
Close on the heels, digital logistics startup Agraga raised around $8.51 Mn to expand its operations across India. Additionally, food delivery major Zomato is also planning to venture into the logistics space.
