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.
LetsTransport Secures $22 Million in Series E Funding Round
LetsTransport, a leading aggregator for urban logistics, has successfully raised $22 million in its Series E funding round. Spearheaded by Bertelsmann India Investments (BII) with a $16 million investment, the funding round also saw participation from prominent investors such as Rebright Partners, NB Ventures, ALES Global, Stride Ventures, and CAC Capital.
Purpose of Fundraising
Founded in 2015 by IIT-Kharagpur alumni Pushkar Singh, Sudarshan Ravi Jha, and Ankit Parasher, LetsTransport aims to utilize the raised capital to expand its market presence, scale its adjacent business verticals, and progress further towards profitability.
Focus Areas and Business Model
LetsTransport specializes in last-mile, mid-mile, and electric vehicle logistics, serving as a crucial intermediary connecting businesses with a diverse network of truckers. With a focus on providing seamless and adaptable transportation solutions, the startup addresses a wide range of transportation requirements.
Financial Performance
Currently, LetsTransport boasts profitability at the city level in terms of earnings before interest, taxes, depreciation, and amortization (EBITDA). The company aims to achieve profit after tax (PAT) breakeven by 2025. With a network of over 200,000 registered truckers and a clientele comprising more than 200 blue-chip companies across 25 cities, LetsTransport has solidified its presence in the logistics sector.
Leadership Vision
Pushkar Singh, Co-founder and CEO of LetsTransport, emphasized the company’s dedication to innovation and customer satisfaction. He expressed gratitude to Bertelsmann and other investors for their support, highlighting their shared vision of revolutionizing the logistics industry.
The successful completion of the Series E funding round marks a significant milestone for LetsTransport, propelling its growth trajectory and reaffirming its commitment to innovation and excellence in the logistics sector. With a strong financial backing and a clear vision, LetsTransport is poised for further expansion and success in the evolving landscape of urban logistics.
