IndiaInvestments & Funding

LetsTransport secures $22M funding

24 April 2024, India: LetsTransport, an Indian company that connects businesses with trucks to streamline their deliveries, offering last-mile, mid-mile and even electric vehicle options, announced its latest funding round of US$22 million led by long term backers, Bertelsmann India Investments. Rebright Partners, NB Ventures, ALES Global, Stride Ventures, CAC Capital, and others have further participated in the raise. This raise accelerates LetsTransport in its journey to realize its mission to revolutionize India’s trucking industry by seamlessly aggregating India’s 10M+ fragmented truckers.

This investment further validates LetsTransport’s potential and underscores the confidence investors have in the company’s disruptive vision. LetsTransport’s plug and play platform allows it to offer its clients multiple assets across use cases in last-mile, mid-mile, and EV space. The company is one of the largest aggregators of commercial EVs in India. Along with tremendous growth, LetsTransport has also been able to deliver SLAs of above 97% consistently for its clients. The substantial investment will be instrumental in expanding its market presence. It will accelerate the company’s journey to profitability and enhance its already robust suite of logistics services. Further in our mission to improve our truckers’ lives we are launching products to empower truckers with their ancillary needs. The company is already profitable at a City EBITDA level and with this raise, it’ll be on track to achieve PAT breakeven by 2025.

Rohit Sood, Partner, Bertelsmann India Investments says, “Since we first partnered with LetsTransport in early 2018, Pushkar and his team have shown incredible resilience. They have achieved impressive results, especially during the Covid challenges. We are delighted to double down on our investment in Lets Transport. We remain convinced of the market potential.”

Bertelsmann’s conviction in LetsTransport is bolstered by macro tailwinds. The government’s ambition to reduce logistics cost down to 7-8% of GDP plays in LetsTransport’s favor. Enterprises moving towards organizing their supply chains through higher technology adoption and increasing traceability are also factors contributing to this. BII remains steadfast in its commitment to support portfolio companies’ growth journeys.

Pushkar Singh, CEO & Co-Founder, expressed his excitement about the partnership, stating, “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 which becomes a bridge between the India’s vision of making logistics competitive & stakeholders proactively looking for upgradation. Moreover, we are immensely grateful to Bertelsmann and other investors for their immense support through all these years. We also appreciate 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. “

Prateek Pujari, COO & Co-Founder, commented “We are thrilled to see our vision gaining momentum with this latest investment round. This funding will fuel our mission to revolutionize India’s trucking industry, empowering both enterprises and truckers through innovation. Our focus remains on creating value for our stakeholders and driving positive change in the logistics ecosystem. Globally, through its division Arvato, Bertelsmann is a major player in the supply chain industry, making them ideal long-term partners for us. Together, committed to shaping the future of logistics, empowering businesses to thrive in a seamless, efficient ecosystem is our goal.”

Leveraging technology to optimize delivery, the startup swiftly emerged as a pivotal player in the logistics industry’s evolution. It counts the majority of India’s blue-chip enterprises across sectors among its clients. LetsTransport’s ability to scale comes from its asset-light model and trucker-focused technology. Their innovative platform connects businesses and fragmented truckers, providing reliable and cost-effective transportation solutions. LetsTransport ensures timely delivery by leveraging data analytics and advanced algorithms to optimize the transportation process for reliable results.

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