Logistics platform LetsTransport raises $12m from Bertelsmann India, Fosun

A warehouse worker with a forklift. Photo: Unsplash

Diptab Ventures Pvt. Ltd, which operates LetsTransport, a logistics marketplace for intra-city deliveries, has raised $12 million (Rs 100 crore) in a Series B funding round from Bertelsmann India Investments and Fosun International.

Bengaluru-based LetsTransport, which counts Rebright Partners, NB Ventures, GMO Venture Partners and Mistui Sumitomo Insurance Venture Capital among its investors, has raised a total of $18.3 million in three funding rounds so far, including this round.

The start-up plans to utilize the fresh capital to strengthen technology, add new industry verticals, and bolster operations.

“We see ourselves expanding to more than 20 cities by the end of the year and our new products will help us in disrupting the industry,” said LetsTransport founder and chief executive officer Pushkar Singh.

LetsTransport competes with logistics start-ups such as Rivigo Services Pvt. Ltd, BlackBuck (Zinga Logistics Solutions Pvt. Ltd) and Fortigo Network Logistics Pvt. Ltd.

Investors have been pumping money into such start-ups, including BlackBuck and Rivigo, which are also in talks to raise funds at higher valuations.

Others, such as Shadowfax, Moglix and GoBolt, have also raised capital this year.

Rivigo, the highest-valued logistics start-up in India at $950 million, is in talks to raise up to $400 million, Mint reported in September.

LetsTransport, which was founded in 2015, enables last-mile delivery through its network of mini trucks in seven cities. It provides services to industries including fast moving consumer goods, e-commerce and retail.

LetsTransport operates an asset-light model with a multi-modal network of trucks that helps bring operational efficiency for truck owners. It claims higher earnings for truck drivers and a 30% reduction in distribution costs for clients.

The three-year-old company has a network of around 20,000 truckers across Bengaluru, New Delhi, Chennai, Mumbai, Hyderabad, Pune and Vijayawada.

Its clientele includes companies such as Coca-Cola, Amazon, Metro Cash & Carry, and Big Bazaar.

The start-up, founded by Singh, Sudarshan Ravi and Ankit Parasher, posted a revenue of Rs 50 crore in the last financial year. It aims to touch ₹125 crore in revenue this financial year.

“By leveraging technologies to solve for fragmentation on the supply-side coupled with strong unit economics, we believe the company is strategically placed to capture the pole position in the market,” said Pankaj Makkar, managing director at Bertelsmann India Investments.

This article was first published on livemint.com

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.