LetsTransport secures $25M funding led by Bertelsmann India Investments
The funds will help LetsTransport expand its market presence, accelerating the company's path to profitability and enhancing its suite of logistics services.
LetsTransport—a trucking aggregator service for enterprises—has announced the closure of its latest funding round, raising $25 million.
With this fresh capital, LetsTransport's funding now stands at $55 million. The funding round was led by Bertelsmann India Investments (BII), which contributed $20 million to the investment. The company has earlier raised funds from Shanghai-based Fosun International, and Stride ventures.
The funds will help expand its market presence, accelerating the company's path to profitability and enhancing its suite of logistics services.
"Since partnering with the company in early 2019, the team, led by Pushkar, has demonstrated outstanding results despite the challenges posed by the COVID-19 pandemic...This significant investment by BII underscores our strategic commitment to double down on our portfolio investments," Rohit Sood, Partner at Bertelsmann India Investments, said.
"We are immensely grateful to Bertelsmann for being a great partner over the years and for their continued support in our mission through this recent investment." Said Pushkar Singh, CEO and Co-Founder of LetsTransport.
Founded in 2015, LetsTransport connects businesses with fragmented truckers. The company aims to digitize and disrupt the highly fragmented logistics industry, which it claims is valued at over $200 billion, by leveraging data analytics and cutting-edge algorithms. LetsTransport's plug-and-play platform offers assets across various use cases in the last-mile, mid-mile, and EV space.
Edited by Akanksha Sarma