Trucking aggregator LetsTransport has raised $22 million in its Series E funding round, led by existing investors Bertelsmann India Investments.
Rebright Partners, NB Ventures, ALES Global, Stride Ventures, and CAC Capital, among others, also participated in the funding round.
This fundraise will help LetsTransport accelerate its mission to modernise India’s trucking industry by aggregating more than 10 million fragmented truckers, the company said in a release.
The investment will help the company expand its market presence, accelerate the company's journey to profitability, and enhance its logistics services. It is also planning to launch products to help truckers with their ancillary needs.
"Our focus remains on creating value for our stakeholders and driving positive change in the logistics ecosystem. Globally, through its division Arvato, Bertelsmann is a major player in the supply chain industry, making them ideal long-term partners for us," said Prateek Pujari, chief operating officer and co-founder.
LetsTransport was founded in 2015 by Pushkar Singh, Sudarshan Ravi, and Ankit Parasher. It provides plug-and-play platform that allows clients multiple assets across use cases in last-mile, mid-mile, and EV space. It claims to be one of the largest aggregators of commercial EVs in India.
"We believe ourselves to be an enablement layer by creating products which become a bridge between India’s vision of making logistics competitive and stakeholders proactively looking for upgradation,” said Pushkar Singh, chief executive officer and co-founder.
LetsTransport claims that it is already profitable at a city-level EBITDA. It is aiming to break even by 2025. It also claims to have majority of India’s blue-chip enterprises among its clients.
Prior to this, LetsTransport raised $25 million in its Series D funding round led by Bertelsmann India Investments. Bertelsmann had invested $20 million in the funding mop-up. In total, the company has raised $77 million in multiple funding rounds. It also counts DS Group, Japan’s Mitsui Sumitomo, Rebright Partners and Altes Global as its investors.
