April 24, 2024: Electric Vehicle aggregator LetsTransport has secured $22 million in Series E round led by Bertelsmann India Investments (BII),to expand market footprints, expand its business network, and accelerate the company’s profitability trajectory.
Investement firm Bertelsmann India Investments Partner Rohit Sood, said “Ever since we first partnered with LetsTransport in early 2018, Pushkar and his team have shown incredible resilience and achieved impressive results, especially during the COVID-19 challenges. We are delighted to double down on our investment in LetsTransport. We remain convinced of the market potential.”
The startup’s user friendly platform provides professional, economical and structured logistics solutions, that serve businesses as well as individual customers. The service encompass the last-mile, mid-mile, and electric vehicle (EV) businesses. In June 2024, the intra-city trucking aggregation provider successfully secured $25 million by Bertelsmann India Investments.
LetsTransport set to expand network and business operations
“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 India’s vision of making logistics competitive & stakeholders proactively looking for upgradation,” said Pushkar Singh, CEO & Co-founder, LetsTransport.
“We are immensely grateful to Bertelsmann and other investors for their immense support through all these years and for the conviction shown in our mission through this recent investment. This latest funding round not only fuels our growth, but also reaffirms our shared vision of transforming the logistics industry, Pushkar added.
Established in 2015 by IIT-Kharagpur alumni Pushkar Singh, Sudarshan Ravi Jha, and Ankit Parasher, LetsTransport specialises in providing last-mile techno-logistics solutions for intra-city deliveries. It connects businesses with a network of unorganised truckers to deliver cost-efficient transportation solutions.
LetsTransport is also set to introduce new products to support truckers with their ancillary needs.
BII has contributed $16 million to the investment in the latest Series E round. Rebright Partners , NB Ventures, ALES Global, Stride Ventures, and CAC Capital also participated in the round.
