Wednesday, May 22, 2024
HomeStart UpLetsTransport raises $22M in funding round

LetsTransport raises $22M in funding round

LetsTransport, a truck aggregator startup, secured $22 million in funding round led by Bertelsmann India Investments. Rebright Partners, NB Ventures, ALES Global, Stride Ventures, CAC Capital, and others also participated in the round.

The fresh capital from this funding round will fuel the expansion of market presence, scale adjacent business verticals, and aim for profitability.

Established in 2015 by Pushkar Singh, Sudarshan Ravi, and Ankit Parasher, the platform connects businesses with fragmented truckers, offering transportation solutions. It provides clients with various assets for last-mile, mid-mile, and electrical vehicle (EV) space.

The company boasts over 200,000 registered truckers and more than 200 blue-chip clients across 25 cities.

“We aspire to constantly build moats around our best customers both enterprises and truckers. We believe ourselves to be an enablement layer by creating products which becomes a bridge between the India’s vision of making logistics competitive and stakeholders proactively looking for upgradation,” said cofounder and chief executive Pushkar Singh. 

The Bengaluru-based startup is currently profitable at the city level in terms of earnings before interest, taxes, depreciation, and amortization (Ebitda). It aims to achieve breakeven in profit after tax (PAT) by 2025, according to the company.

“Our focus remains on creating value for our stakeholders and driving positive change in the logistics ecosystem,” said cofounder and chief operating officer Prateek Pujari. 

Commenting on the investment Rohit Sood, Partner, Bertelsmann India Investments that first invested in the company in 2018 said, “We are delighted to double down on our investment in Lets Transport. We remain convinced of the market potential.”

In June 2023, the company raised $25 million in funding round led by Bertelsmann India Investments.

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