LetsTransport Secures USD 22 Mn in Series E from Bertelsmann and Others With the raised funds, the Bengaluru-based startup plans to expand its market presence, scale adjacent business verticals, and reach profitability.
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LetsTransport, a trucking aggregator for enterprises, announced the raising of USD 22 million in a Series E round led by Bertelsmann India Investments. Rebright Partners, NB Ventures, ALES Global, Stride Ventures, CAC Capital, and others also participated in the round.
Last July, the company raised USD 25 million. With this new contribution, the total amount raised has reached USD 77 million.
According to the official release, the platform plans to expand its market presence, scale adjacent business verticals, and reach profitability.
Rohit Sood, Partner, Bertelsmann India Investments, said, "Ever since we first partnered with LetsTransport in early 2018, Pushkar and his team have shown incredible resilience and achieved impressive results, especially during the COVID challenges. We are delighted to double down on our investment in LetsTransport. We remain convinced of the market potential."
Founded in 2015 by IIT-Kharagpur alumni Pushkar Singh, Sudarshan Ravi Jha, and Ankit Parasher, LetsTransport's plug-and-play platform allows it to offer its clients multiple assets across use cases in the last-mile, mid-mile, and EV spaces.
The platform ensures its truckers continually higher revenues and reliable delivery for brands. Its clientele includes the vast majority of India's blue-chip companies in all areas.
The startup claims to have more than 200,000 registered truckers and over 200 blue-chip clients across 25 cities. It aims to digitise and disrupt the highly fragmented $200 billion logistics industry.
Pushkar Singh, CEO and Co-founder, said, "We aspire to constantly build moats around our best customers both enterprises and truckers. We believe ourselves to be an enablement layer by creating products that become a bridge between India's vision of making logistics competitive and stakeholders proactively looking for upgradation."
Prateek Pujari, COO and Co-founder, added, "As we continue to innovate and empower both enterprises and truckers, this funding will fuel our mission to revolutionise India's trucking industry. Our focus remains on creating value for our stakeholders and driving positive change in the logistics ecosystem."
