LetsTransport raises $22M in Series E round led by Bertelsmann
The funds will be allocated to expand market presence, enhance its business operations, and fuel the company's path to profitability.
EV aggregator has raised $22 million in Series E round led by (BII), which has contributed $16 million to the investment. , , ALES Global, , and CAC Capital also participated in the round.
The raised funds will be allocated to expand market presence, enhance its business operations, and fuel the company's path to profitability.
“Ever since we first partnered with LetsTransport in early 2018, Pushkar and his team have shown incredible resilience and achieved impressive results, especially during the COVID-19 challenges. We are delighted to double down on our investment in LetsTransport. We remain convinced of the market potential,” said Rohit Sood, Partner, Bertelsmann India Investments.
The startup’s plug-and-play platform provides resources for a multitude of scenarios spanning the last-mile, mid-mile, and electric vehicle (EV) sectors. Last June, the intra-city trucking aggregation provider raised $25 million by Bertelsmann India Investments.
"We aspire to constantly build moats around our best customers, both enterprises and truckers. We believe ourselves to be an enablement layer by creating products which becomes a bridge between India's vision of making logistics competitive & stakeholders proactively looking for upgradation,” said Pushkar Singh, CEO & Co-founder, LetsTransport.
“We are immensely grateful to Bertelsmann and other investors for their immense support through all these years and for the conviction shown in our mission through this recent investment. This latest funding round not only fuels our growth, but also reaffirms our shared vision of transforming the logistics industry," he added.
Founded in 2015 by IIT-Kharagpur alumni Pushkar Singh, Sudarshan Ravi Jha, and Ankit Parasher, LetsTransport specialises in providing last-mile techno-logistics solutions for intra-city deliveries.
It connects businesses with a network of fragmented truckers to deliver cost-efficient transportation solutions. The company is also set to introduce new products to support truckers with their ancillary needs.
Edited by Megha Reddy