LetsTransport offers a plug-and-play platform that supplies clients with a variety of trucking assets for last-mile, mid-mile and EV deliveries, while promising higher earnings for truckers and reliable delivery for brands. The company says its client roster includes over 200 blue-chip companies across sectors and more than 200,000 registered truckers operating in 25 cities. LetsTransport is introducing ancillary products for truckers and plans to grow adjacent business verticals and increase market presence. Management stated the business is already profitable at the city EBITDA level and expects to be profitable after taxes by 2025. Financially, LetsTransport reported roughly 4x growth between FY21 and FY23, with operating revenue up 98% to Rs 403 crore in FY22 from Rs 207 crore in FY21; losses rose from Rs 55 crore in FY21 to Rs 73 crore in FY22. The company faces competition from Rivigo, BlackBuck and Delhivery. LetsTransport is a logistics startup. The company announced it has raised $25 million in a Series D funding round. The Series D was led by Bertelsmann India Investments (BII). BII is the venture capital arm of the German media firm Bertelsmann SE & Co. KGaA. The company announced the funding on Friday. Founded in 2015 by IIT Kharagpur graduates Pushkar Singh, Sudarshan Ravi and Ankit Parasher, LetsTransport pairs companies with trucks to manage last-mile distribution and offers a suite of fleet-management modules, including intelligent routing. The service aims to boost truck operator utilization and speed, with operating partners typically seeing about 40% efficiency improvements and customers realizing roughly 30% reductions in distribution cost. The platform operates in seven Indian cities and has been used by customers including Coca-Cola, Amazon, Metro Cash & Carry and Big Bazaar; some 20,000 truckers have carried out jobs on its platform to date. Beyond marketplace matching and routing, LetsTransport provides truckers services such as insurance, after-sale care and maintenance. The company plans to use new capital to expand into 20 new tier-two Indian cities and is exploring international opportunities in Southeast Asia and Africa, initially by testing specific product modules in new markets. The founders emphasize the large, inefficient logistics market in India as the opportunity for continued digitization and growth. LetsTransport (operated by Diptab Ventures Pvt. Ltd) provides tech-enabled intra-city logistics services for both B2B and B2C customers, serving clients in the food, retail and distribution sectors. The company operates in seven cities: Bengaluru, Delhi, Chennai, Mumbai, Hyderabad, Vijayawada and Tiruchirapalli, and plans to expand to 11 cities, including tier 1 and 2 cities, by the end of the calendar year. The startup was founded in April 2015 by IIT Kharagpur graduates Pushkar Singh, Sudarshan Ravi and Ankit Parasher. It acquired Shifter, a similar mini-truck connection venture, in June 2014. LetsTransport says it will use the newly raised funds to build technology and expand the team. The company has previously raised $1.3 million in August 2015 in a round led by Rebright Partners. LetsTransport builds a last-mile logistics platform that enables online booking and transparent pricing for businesses and consumers. The company is developing its technology to match the right trucks to industry-specific needs (for example construction vs. catering). LetsTransport currently handles over 3,000 transactions per month and operates a 100-vehicle fleet. The startup recently expanded its B2B and B2C customer base by acquiring Shifter. New funding will be used to build technology infrastructure, hire more people, and focus on expanding throughout India. The founding team includes CEO Pushkar Singh, former J.P. Morgan equity strategy analyst Sudarshan Ravi, and software engineer Ankit Parasher.

Total raised

$66M

Funding rounds

5

Latest round

Series E

Latest activity

Apr 2024