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

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.

Also Read:

LetsTransport raises $1.5m from foreign investors

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.