[Funding alert] InnoVen Capital pumps Rs 13 Cr in logistics startup LetsTransport
Bengaluru-based intracity logistics firm, LetsTransport announced on Monday, May 18, that it has received an investment of Rs 13 crore from InnoVen Capital.
Ashish Sharma, CEO of InnoVen Capital India said in a statement:
"We continue to be bullish on the logistics space and expect that organised players will continue to gain share on the back of higher efficiencies and superior service delivery. LetsTransport has built a fantastic business in a rather capital efficient manner and we are excited to be part of their growth journey.”
Founded in 2015 by three IIT-Kharagpur alumni — Pushkar Singh, Sudarshan Ravi, and Ankit Parasher, LetsTransport offers last-mile, techno-logistics solutions for intra-city deliveries. It enables enterprise clients to book trucks and manage bookings through a mobile app, call or website. LetsTransport deals in the light commercial vehicle segment, covering distances between 100 and 200 kilometres. Its services are present across 15 cities in India, with a registered trucker supply of more than 58,000 drivers.
Co-founder and CEO Pushkar Singh says:
“We continue to scale up our network and improve our capabilities as we help streamline urban transportation for enterprises, especially during these trying times when more and more businesses are partnering with organised logistics players to enable direct to consumer deliveries. We are happy to partner with InnoVen in this journey and look forward to a long relationship”
LetsTransport works across sectors including organised retail, FMCG and ecommerce, distribution, and 3PL companies. Some of its clients include Amazon, Flipkart, Bisleri, Vishal Mega Mart, Future Supply Chain, Coca-Cola, Delhivery, and Udaan.
Additionally, the company offers value-added services including screened drivers, audited and GPS-enabled vehicles, point-to-point billing, status updates, and round-the-clock services and greater efficiency in an economical pricing model.
InnoVen Capital has so far, completed over 250 transactions with more than 180 startups, including Swiggy, BYJU'S, Oyo Rooms, CureFit, Myntra, Eruditus, DailyHunt, and FirstCry.
Edited by Kanishk Singh