In its Series E funding round, LetsTransport, a trucking aggregator for businesses, raised $22 million under the direction of Bertelsmann India Investments. Participating in the round were NB Ventures, CAC Capital, ALES Global, Stride Ventures, and Rebright Partners, among others.
Last 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 reach profitability, grow adjacent business verticals, and increase its market presence after the most recent 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 guarantees its truckers consistently higher earnings and dependable delivery for brands. Its clientele includes the vast majority of India’s blue-chip companies in all sectors.
LetsTransport asserts that it has over 200 blue-chip clients and over 200,000 registered truckers spread across 25 cities. The company wants to disrupt and digitalize the $200 billion logistics market, which is currently very fragmented.
To help truckers with their ancillary needs, LetsTransport is also introducing products. According to the company, it will be profitable after taxes by 2025 with this increase, as it is already profitable at the city EBITDA level.
According to the company, between FY21 and FY23, it grew by about 4 times. The company reported a 98% increase in operating revenue to Rs 403 crore in FY22 from Rs 207 crore in FY21, even though its annual financial statements for FY23 have not yet been filed. From Rs 55 crore in FY21 to Rs 73 crore in FY22, the company’s losses increased by 32%.
It encounters competition from brands like Rivigo, BlackBuck, and Delhivery.
