Chinese VC Fosun RZ Capital leads $12m round for India’s LetsTransport

A company logo of Fosun International is seen during the annual general meeting of the Chinese conglomerate, founded by billionaire Guo Guangchang, in Hong Kong, China May 28, 2015. REUTERS/Bobby Yip

Transport aggregation services provider LetsTransport has raised a $12-million funding round led by Chinese venture capital firm Fosun RZ Capital.

According to a report in The Economic Times, Fosun invested about $5 million in the Bengaluru-based company, which is believed to be in late-stage discussions with two other investors of Japanese origin.

This marks Fosun’s second investment in India’s logistics sector after it backed Gurgaon-based logistics major Delhivery in March last year.

In December 2017, LetsTransport had reportedly raised Rs 10 crore from a clutch of foreign companies including Japan-based Flex Inc and CBC Co Ltd and Singapore-incorporated KC Investments.

Prior reports had suggested that LetsTransport had raised $4 million in a series A round of funding led by Japan’s payment gateway company GMO. At that time, Neelesh Bhatnagar, former CEO of Landmark Arabia, had also participated in the round.

The LetsTransport platform provides inter-city aggregation of mini trucks and a few large vehicles across industry sectors such as retail, FMCG and e-commerce to meet the elasticity in demand.

Fosun’s portfolio of Indian companies includes travel search venture Ixigo, fintech venture Kissht, and online travel operator MakeMyTrip.

Tej Kapoor, India head and managing director of Fosun RZ Capital, told The Economic Times that the company was also in discussions for at least three more deals— mid- and growth-stage investments—in the country.

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