LetsTransport, a leading logistics platform, has announced a significant milestone with its latest Series E funding round, raising $22 million. This funding, spearheaded by Bertelsmann India Investments, will support the company as it accelerates its growth trajectory and solidifies its position in the market.
The funding round, which also saw participation from Rebright Partners, NB Ventures, ALES Global, Stride Ventures, CAC Capital, and other investors, will fuel LetsTransport’s expansion initiatives. The company intends to scale adjacent business verticals, enhance its market footprint, and drive toward profitability in the coming years.
Founded in 2015 by Pushkar Singh, Sudarshan Ravi, and Ankit Parasher, LetsTransport has revolutionized the logistics sector with its plug-and-play platform. This platform seamlessly connects businesses with a network of truckers, offering a range of assets across last-mile, mid-mile, and electric vehicle (EV) segments.
“We thank Bertelsmann and other investors for their immense support throughout these years. This latest funding round fuels our growth and reaffirms our shared vision of transforming the logistics industry,” said Pushkar Singh.
LetsTransport’s Client Base and Market Disruption
LetsTransport boasts a diverse clientele comprising major enterprises across various sectors. Its reliable delivery solutions and focus on enhancing truckers’ earnings have garnered widespread acclaim, positioning the company as a disruptor in the $200 billion logistics industry.
“We aspire to constantly build moats around our best customers, enterprises and truckers. We believe ourselves to be an enablement layer by creating products that bridge India’s vision of making logistics competitive & stakeholders proactively looking for upgrades,” said Pushkar Singh.
The company’s financial performance reflects its upward trajectory, with substantial growth witnessed between FY21 and FY23. While LetsTransport is yet to release its FY23 financial statements, its operating revenue surged by 98 percent to INR 403 crore in FY22, demonstrating robust growth and market resilience.
LetsTransport’s latest funding milestone underscores its resilience, innovative prowess, and strategic vision in navigating the dynamic logistics landscape. With strong investor backing and a focus on disruptive technologies, LetsTransport is poised for continued success and market leadership.
Stay ahead of the curve and follow IndiaTechDesk on Facebook, Twitter and Linkedin for in-depth news of market trends, funding updates, and regulatory changes affecting startups in India.
Read More:
- Temasek Continues Support for Electric Vehicle Maker OLA
- Logistics Unicorn Delhivery Raises $125 Million from Lee Fixel’s Firm Addition
- End-to-end Logistics Startup Xpressbees Turns Unicorn with $300 million Round
- FedEx Express’s Strategic Alliance with Delivery is now Operational
- Tiger Global could invest $100 million in used-car retailer Spinny
