LetsTransport expenses doubled in FY 2022, losses mount
Trucking aggregator for light commercial vehicles, LetsTransport, saw its losses rise by 32% for FY 2022 owing to rising costs of transportation asset contracts.
Intra-city trucking aggregation platform saw its losses after taxation rise by 32% at Rs 73.06 crore for FY 2022, compared to Rs 55.28 crore in the year-ago period, on a standalone basis.
The company's total revenue jumped by 92.8% on a year-on-year basis to Rs 407.3 crore for FY 2022, even as expenses grew by 80.2% year-on-year to Rs 480.36 crore.
LetsTransport almost doubled its total expenses during the year to Rs 401.7 crore, owing largely to an increase in cost of transportation assets contracts, which doubled to Rs 355.5 crore on a year-on-year basis. The company also recognised a charge of Rs 1.18 crore as part of its profit and loss statement in its ESOP (Employee Stock Ownership Plan) scheme. The company had 1,126 employees for the financial year ending March 31, 2022.
The Bengaluru-headquartered company, founded in 2015 by Pushkar Singh and Sudarshan Ravi Jha, was valued at $220 million in 2022, according to data and research platform Tracxn. The company claims to have on-boarded over 60,000 truckers on the platform and services sectors including ecommerce, organised retail, FMCG, third party logistics and the manufacturing sector.
LetsTransport has so far raised $42.7 million in equity and debt funding, raising $6.36 million in its last round in July 2022 from the likes of Bertelsmann and Rebright Partners.
Edited by Megha Reddy