India based Logistics startup LetsTransport secured $22 million in its Series E round funding led by Bertelsmann India Investments, the venture capital arm of German media firm Bertelsmann SE & Co. KGaA.
Participating in the fundraise were additional investors Rebright Partners, NB Ventures, ALES Global, Stride Ventures, and CAC Capital.
Read also – India-Based Plane Secured $4 Million in Seed Funding
Establishing itself in 2015, LetsTransport serves the retail, fast-moving consumer goods, e-commerce, distribution, and third-party logistics (3PL) industries by facilitating last-mile and mid-mile deliveries within states. Amazon, Bisleri, JioMart, JSW Cements, Pidilite, Britannia, Coca-Cola, Delhivery, and Udaan are a few of its customers.
The company intends to improve its range of logistical services and increase its market presence using the recently raised funds. With this increase, it will be on track to reach PAT breakeven by 2025 and maintain its claimed profitability at the City EBITDA level.
The business raised $25 million in a Series D fundraising round headed by BII in July.
LetsTransport benefits from a number of variables, including the government’s goal to bring down logistics costs to 7-8% of GDP, businesses structuring their supply chains through increased technology usage, and more traceability, according to BII.
Read also – Singapore-Based Affirma Capital Secured $370 Million in Funding
The funding for LetsTransport coincides with an increase in investor interest in India’s logistics industry. Last-mile logistics startup Shadowfax raised $100 million in a Series E round earlier this year, with TPG NewQuest leading the investment.
About LetsTransport
LetsTransport based in Bangalore, is a series-B funded last-mile tech-logistics solution provider for intrastate delivery. It provides competent, dependable, and reasonably priced services that are designed with businesses in mind.
