[Funding alert] Logistics startup LetsTransport raises Rs 10 Cr from Blacksoil Capital
Blacksoil Capital has invested Rs 10 crore in LetsTransport, a marketplace for fulfilling intracity last-mile deliveries.
Founded in 2015 by IIT-Kharagpur alumni Pushkar Singh, Sudarshan Ravi, and Ankit Parasher, LetsTransport offers last-mile, techno-logistics solutions for intracity deliveries.
LetsTransport provides urban logistics solutions to enterprises by offering tech-enabled intra-regional transportation services. It enables enterprise clients to book light commercial trucks, and manage bookings for a distance of up to 300 km.
The startup has a presence in 15 cities in India, and has a registered trucker supply of over 60,000 drivers.
"We are continuously scaling our network and improving our capabilities to help streamline urban logistics for enterprises in these trying times when enterprise businesses are increasingly looking to partner with organised logistics players to enable direct to consumer deliveries," LetsTransport Co-founder and CEO Pushkar Singh, said.
He added that the startup is working towards converting the COVID-19 pandemic into an opportunity by maximising the conversion of the unorganised sector into an organised one.
Some of LetsTransport's clients include Amazon, Flipkart, Bisleri, Vishal Mega Mart, Future Supply Chain, Coca-Cola, Delhivery, and Udaan.
"COVID-19 pandemic has shaken the world, and no industry is immune to it. Only those industries will survive that are able to transform themselves into an organised and tech-enabled industry, and intra-city logistics is one such space. We are excited to continue supporting the LetsTransport team on their journey to growth," Blacksoil Co-founder and Director Ankur Bansal, said.
Blacksoil Capital had invested a similar amount in the startup in November 2018. In May, InnoVen Capital had announced an investment of Rs 13 crore in LetsTransport.
In a statement, Ashish Sharma, CEO of InnoVen Capital India, said,
"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.”
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.
(Disclaimer: Additional background information has been added to this PTI copy for context)
Edited by Suman Singh