Trucking Aggregator LetsTransport Raises $25 Mn In Latest Funding Round
LetsTransport, a Bengaluru-based logistics marketplace, has raised $25 million (around Rs 205 crore) in a Series D funding round led by its existing investor Bertelsmann India Investments.
In the funding round, Bertelsmann India Investments invested $20 million in the company. However, the firm did not disclose the name of other investors.
As per the startup, the freshly raised funds will be used in expanding its market presence, accelerating the company’s journey to profitability and enhancing its already robust suite of logistics services.
LetsTransport | Trucking Aggregator
Founded by Pushkar Singh, Sudarshan Ravi and Ankit Parasher in 2015, LetsTransport is a Bengaluru-based logistics marketplace offering a plug-and-play platform that enables clients to book vehicles and manage bookings. Clients can book multiple assets across use cases in last-mile, mid-mile, and electric vehicle space.
It is one of the largest aggregators of commercial EVs in India, with the firm claiming to deliver service-level agreements (SLAs) of above 97 percent. As per the firm, the substantial investment will be instrumental in expanding its market presence, accelerating the journey to profitability, and enhancing its already robust suite of logistics services.
Speaking about the development, Pushkar Singh, CEO & Co-Founder of LetsTransport, said,
“We are immensely grateful to Bertelsmann for being a great partner for all these years and for the conviction shown in our mission through this recent investment. 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. Together, we are committed to shaping the future of logistics and empowering businesses to thrive in a seamless and efficient ecosystem.”
The Bengaluru-based logistics marketplace offers customized logistics solutions for clients, along with other value-added services such as screened drivers, audited and GPS-enabled vehicles, point-to-point billing, status updates, 24×7 service, and greater efficiency, all at transparent and economical pricing.
Leveraging technology to optimize and streamline the delivery process, the startup harnesses the power of data analytics and cutting-edge algorithms, ensuring that goods reach their destination on time.
Commenting on the development, Rohit Sood, Partner at Bertelsmann India Investments, said,
“We believe that Lets Transport is on its way to becoming a leader in the Indian logistics landscape and in future, will be a key enabler for adoption of EVs in the country. This substantial investment by BII reinforces our strategic commitment to double down on our portfolio investment.”
Prior to this funding round, LetsTransport had raised $30 million in multiple funding rounds. The company, which counts Bertelsmann, DS Group, Japan’s Mitsui Sumitomo, Rebright Partners and Altes Global as its investors, had last raised $7.5 million in its extended Series B funding round.
Note: If you are a budding entrepreneur and require assistance to register a Pvt Ltd Company, register a company, create financial projections, business development, LLP Registration, compliance filing, funding formalities, debt funding, CFO Services, or other startup related legal services, contact us.