LetsTransport raises $12 million from Shanghai-based Fosun International, others


Investments in the logistics space seem have taken a new high. Logistics tech startup BlackBuck raised $27.4 million last week, Pune-based ElasticRun raised $8 million and there are reports that Rivigo too may raise money soon.

Now, Bengaluru-based intra-city logistics company LetsTransport announced that it has raised $12 million from Shanghai-based Fosun International and others. Media reports say that Fosun was the lead investor in the company, with a $5 million investment.

LetsTransport Team

Fosun’s investment in LetsTransport is its second in the country’s tech-based logistics sector. It had earlier backed Gurgaon-based logistics major Delhivery in March last year.

LetsTransport was founded in 2015 by IIT Kharagpur alumni Pushkar Singh, Sudarshan Ravi and Ankit Parasher. The company has raised a total investment of $18.8 million till now.

It raised Rs 27 crore in Series-A round led by Japan's payment gateway company GMO in 2017, and also raised a seed round of Rs 8 crore from Singapore-based Rebright Partners and others in August 2015.

The LetsTransport platform provides inter-city aggregation of mini trucks and a few large vehicles across industry sectors like retail, FMCG and ecommerce to meet the demand. The company offers customised attachment solutions for clients, along with other value-added services such as screened drivers, audited and GPS-enabled vehicles, point-to-point billing, status updates, 24x7 service and greater efficiency, all at transparent and economical pricing.

According to IBEF, the size of the Indian logistics industry is around $200 billion.

LetsTransport has witnessed growth since it acquired Shifter, a logistics company. It scaled Shifter's mini-truck procurement service within just five months of establishment.

In the coming months, there are some big announcements from companies like Lobb, which is building tech for inter-city transport across India such as Uber.

Investment in the logistics space is heating up, and only time will tell when consolidation will begin to happen.


Updates from around the world