Bengaluru-based trucking aggregator LetsTransport has raised $25 million in a funding round, with Bertelsmann India leading the investment by contributing $20 Mn. Founded in 2015 by Pushkar Singh, Sudarshan Ravi, and Ankit Parasher, LetsTransport provides last-mile tech-logistics solutions for intra-state deliveries. With this latest funding, the startup’s total funding reaches $50 Mn.
Expansion and Enhancement Plans
LetsTransport plans to utilize the investment to expand its market presence, accelerate the path to profitability, and enhance its suite of logistics services. The startup operates in more than 20 cities, offering light commercial vehicles for urban logistics. Its mobile platform provides businesses with cost-effective transportation solutions and facilitates connections with truckers. LetsTransport boasts a driver base of over 1 Lakh.
Long-Term Partnership with Bertelsmann India
Pushkar Singh, co-founder of LetsTransport, expressed enthusiasm about the funding round, highlighting the shared vision of transforming the logistics industry. He also emphasized the significance of the long-term partnership with Bertelsmann, a major player in the supply chain industry through its division Arvato.
Rohit Sood, partner at Bertelsmann India, commended LetsTransport’s performance despite the challenges posed by the COVID-19 pandemic. He stated the company’s satisfaction in investing an additional $20 Mn in LetsTransport, as the team, led by Pushkar, has consistently delivered positive results.
Strong Client Base and Growing Interest in Logistics Startups
LetsTransport operates primarily in segments such as retail, FMCG, ecommerce, and supply chains. Notable clients include Amazon, Flipkart, Bisleri, Vishal Mega Mart, Future Supply Chain, Coca-Cola, Delhivery, and Udaan. As supply chain concerns persist across industries, startups offering tech-driven logistics solutions have gained significant attention from investors.
In a similar vein, Zyngo, a direct competitor of LetsTransport, raised $5 Mn in May to expand its fleet size, enter new geographies, and enhance its technology. Additionally, digital logistics startup Agraga secured around $8.51 Mn to expand operations across India. Notably, food delivery giant Zomato also plans to venture into the logistics space, highlighting the growing interest and potential in this sector.
Also Read The Latest News:
Designers sue Shein for allegedly stealing artists’ works
Supreme Court to hear Google-CCI case on October 10, 2023
