Highlights
- LetsTransport, a leading aggregator for urban logistics, has secured $22 million in its Series E funding round.
- Bertelsmann India Investments (BII) led the round with a $16 million investment, joined by other prominent investors such as Rebright Partners, NB Ventures, ALES Global, Stride Ventures, and CAC Capital.
- The funding will support LetsTransport’s expansion plans, including market presence, scaling of business verticals, and the journey towards profitability.
- Founded in 2015 by IIT-Kharagpur alumni, LetsTransport focuses on last-mile, mid-mile, and electric vehicle logistics, connecting businesses with a network of truckers.
LetsTransport, a prominent aggregator facilitating logistics for electric and other vehicles in urban areas, has successfully raised $22 million in its Series E funding round.
The funding was spearheaded by Bertelsmann India Investments (BII), which contributed $16 million to the round. Other notable participants included Rebright Partners, NB Ventures, ALES Global, Stride Ventures, and CAC Capital.
The Purpose of Fundraising: Founded in 2015 by Pushkar Singh, Sudarshan Ravi Jha, and Ankit Parasher, all alumni of IIT-Kharagpur, LetsTransport intends to utilize the raised capital to expand its market presence, scale its adjacent business verticals, and further progress towards profitability.
Focus Areas and Business Model: LetsTransport specializes in last-mile, mid-mile, and electric vehicle logistics. The startup functions as a crucial intermediary, connecting businesses with a diverse network of truckers, providing a seamless and adaptable platform to address a myriad of transportation requirements.
Financial Performance: The company currently boasts profitability at the city level in terms of earnings before interest, taxes, depreciation, and amortization (EBITDA). LetsTransport is steadfast in its goal to achieve profit after tax (PAT) breakeven by the year 2025. With over 200,000 registered truckers and a clientele comprising more than 200 blue-chip companies across 25 cities, LetsTransport has established a formidable presence in the logistics sector.
Leadership Vision: Pushkar Singh, Co-founder and CEO of LetsTransport, expressed the company’s dedication to innovation and customer satisfaction. “We aspire to constantly build moats around our best customers, both enterprises and truckers,” Singh stated. He further added, “We believe ourselves to be an enablement layer by creating products which become a bridge between India’s vision of making logistics competitive and stakeholders proactively looking for upgradation.”
Singh also expressed gratitude to Bertelsmann and other investors for their unwavering support, emphasizing that the latest funding round not only propels LetsTransport’s growth trajectory but also reaffirms their collective vision of revolutionizing the logistics industry.
