Logistics marketplace LetsTransport on Friday said that it has raised $25 million (around Rs 205 crore) led by its existing investor Bertelsmann India Investments in a Series D funding exercise.
In the round, Bertelsmann India Investments invested $20 million in the Bengaluru-based company. However, it did not disclose the name of other invetors.
"Globally, through its division Arvato, Bertelsmann is a major player in the supply chain industry, making them ideal long-term partners for us,” said Pushkar Singh, chief executive officer and co-founder at LetsTransport.
LetsTransport will deploy the fresh proceeds in expanding its market presence, accelerating the company's journey to profitability and enhancing its already robust suite of logistics services.
Prior to this round, LetsTransport had raised $30 million in multiple funding rounds. The company counts DS Group, Bertelsmann, Japan’s Mitsui Sumitomo, Rebright Partners and Altes Global as its investors. It had last raised $7.5 million in its extended Series B funding round.
“We believe that Lets Transport is on its way to becoming a leader in the Indian logistics landscape and in future, will be a key enabler for adoption of EVs in the country. This substantial investment by BII reinforces our strategic commitment to double down on our portfolio investment,” said Rohit Sood, partner at Bertelsmann India Investments.
Founded in 2015 by Singh, Sudarshan Ravi and Ankit Parasher, LetsTransport provides logistics services to businesses. It offers a plug-and-play platform which lets clients’ book vehicles and manage bookings. Clients can book multiple assets across use cases in last-mile, mid-mile, and electric vehicle space.
