LetsTransport receives $22 million in Series E funding round
With the help of Bertelsmann India Investments, LetsTransport, a trucking aggregator for businesses, has raised $22 million in its Series E fundraising round. The round also included participation from Rebright Partners, NB Ventures, ALES Global, Stride Ventures, CAC Capital, and other investors.
LetsTransport receives $22 million in Series E funding round
Last year in July, the company raised $25 million. With this new contribution, the total amount raised has reached $77 million.
LetsTransport stated in a press release that it intends to establish profitability, grow adjacent business sectors, and increase its market footprint after the most recent investment.
LetsTransport receives $22 million in Series E funding round
LetsTransport was founded by Pushkar Singh and offers a plug and play platform that enables it to provide its clients with a variety of assets for use cases in the last-mile, mid-mile, and EV spaces. The platform assures its truckers continually higher revenues and reliable delivery for brands. Its clientele includes the vast majority of India’s blue-chip companies in all areas.
LetsTransport receives $22 million in Series E funding round
LetsTransport states that it has over 200 blue-chip clients spread across 25 cities, and over 200,000 registered truck drivers. The $200 billion logistics sector is immensely fragmented, and the startup wants to disrupt it by digitizing it.
Additionally, LetsTransport is introducing goods to support truck drivers with their auxiliary requirements. According to the company, it is already profitable at the city EBITDA level and, with this increase, it will be on course to reach break-even point for profit after taxes by 2025.
LetsTransport receives $22 million in Series E funding round
The company claims that between FY21 and FY23, it expanded by about 4 times. Although the company has not yet submitted its annual financial accounts for FY23, its operating revenue increased by 98% to Rs 403 crore in FY22 from Rs 207 crore in FY21. The company’s losses increased from Rs 55 crore in FY21 to Rs 73 crore in FY22, a 32% increase.
LetsTransport receives $22 million in Series E funding round
It faces a tough competition from companies like Rivigo, BlackBuck, and Delhivery.
