Summary
LetsTransport, a key player in urban logistics, has successfully raised $22 million in its Series E funding round. Led by Bertelsmann India Investments (BII) with a $16 million investment, the round also saw participation from other notable investors. This funding will bolster LetsTransport’s expansion plans, focusing on market presence, scaling business verticals, and moving towards profitability. Founded in 2015 by IIT-Kharagpur alumni, LetsTransport specializes in last-mile, mid-mile, and electric vehicle logistics, connecting businesses with a network of truckers. With a commitment to innovation and customer satisfaction, the company aims to revolutionize the logistics industry.
Urban Logistics Leader LetsTransport Secures $22 Million in Series E Funding Round
LetsTransport, a prominent aggregator for urban logistics, has successfully raised $22 million in its Series E funding round. Led by Bertelsmann India Investments (BII) with a contribution of $16 million, the round saw participation from other notable investors such as Rebright Partners, NB Ventures, ALES Global, Stride Ventures, and CAC Capital.
Purpose of Fundraising
Founded in 2015 by alumni of IIT-Kharagpur, LetsTransport aims to utilize the raised capital to expand its market presence, scale its business verticals, and progress towards profitability.
Focus Areas and Business Model
LetsTransport specializes in last-mile, mid-mile, and electric vehicle logistics, serving as a vital intermediary between businesses and a diverse network of truckers. With over 200,000 registered truckers and a clientele of more than 200 blue-chip companies across 25 cities, LetsTransport has established a strong presence in the logistics sector.
Financial Performance
The company currently enjoys profitability at the city level, with ambitions to achieve profit after tax (PAT) breakeven by 2025. This financial stability, coupled with its expansive network, positions LetsTransport as a formidable player in the industry.
Leadership Vision
Pushkar Singh, Co-founder and CEO of LetsTransport, reiterated the company’s commitment to innovation and customer satisfaction. He emphasized their role as an enablement layer, bridging the gap between India’s vision of competitive logistics and stakeholders’ need for advancement. Singh expressed gratitude to investors for their support, highlighting the funding round’s role in propelling LetsTransport’s growth and realizing their vision of revolutionizing the logistics industry.
LetsTransport’s successful funding round signifies a significant milestone, affirming its position as a leading player in urban logistics and paving the way for continued expansion and innovation in the sector.
