[Funding alert] Logistics startup LetsTransport raises Rs 10 Cr from Stride Ventures

During the COVID-19 crisis, the Bengaluru startup said it raised a total of Rs 33 crore, signalling investor confidence in the new-age logistic players.

Venture debt fund Stride Ventures on Monday announced that it has invested Rs 10 crore in Bengaluru-based LetsTransport, an aggregator for fulfilling intra-city last-mile deliveries for enterprise customers. 

Ishpreet Gandhi, Managing Partner, Stride Ventures, said,

"While the sector has been adversely impacted by the lockdown, LetsTransport's robust business and operating model have helped them navigate through these challenging times. The startup's swift recovery can be attributed to its superior tech-enabled business processes, large enterprise relationships, including essential goods, and the ability of the founders to onboard new clients through its unique offering of on-demand trucking.”

During the COVID-19 crisis, the startup said it raised a total of Rs 33 crore, signalling investor confidence in the new-age logistic players. Earlier this month, Blacksoil Capital had invested a similar amount in the startup. In May, InnoVen Capital announced an investment of Rs 13 crore in LetsTransport.

Founders of LetsTransport - Sudarshan, Pushkar, and Ankit

Founded in 2015 by IIT-Kharagpur alumni Pushkar Singh, Sudarshan Ravi, and Ankit Parasher, LetsTransport provides urban logistics solutions to enterprises by offering tech-enabled, intra-regional transportation services. The startup enables enterprise clients to book trucks and manage bookings through their mobile app, call, and website.

The tech-enabled urban logistics startup deals in the light commercial vehicle segment, distance ranging up to 300 km. Currently, it is present 15 cities in India with a registered trucker supply of 60,000+ drivers. 

Pushkar Singh, Co-founder and CEO, LetsTransport, said, 

“Enterprise businesses are increasingly looking to partner with organised logistics players to facilitate direct to consumer deliveries. LetsTransport is driven to convert this pandemic into an opportunity by maximising the conversion of the unorganised sector into an organised one."

The startup primarily provides logistics solutions across various industry verticals such as organised retail, FMCG, ecommerce distribution, and 3PL companies, and claims that its competitive advantage lies in its ability to cross utilise for higher capacity, increased asset sweating, and an efficient cost structure.

Some of its clients include Amazon, Flipkart, Bisleri, Vishal Mega Mart, Future Supply Chain, Coca-Cola, Delhivery, and Udaan

Delhi-based Stride Ventures, which announced the first close of its maiden fund in November 2019, is focussed on providing debt solutions to growth-stage startups. In April, the fund announced its third investment in Incredible Technologies, a used two-wheeler marketplace.

Edited by Suman Singh