LetsTransport Revs Up with $22 Million Series E Funding Round

Lets Transport
Preeti Bali / 2:19 pm / April 24, 2024

LetsTransport, a leading trucking aggregator catering to enterprises, has successfully secured $22 million in its Series E funding round. The round was spearheaded by Bertelsmann India Investments, with participation from a consortium of prominent investors including Rebright Partners, NB Ventures, ALES Global, Stride Ventures, and CAC Capital.

Building on a Strong Foundation

This latest funding infusion brings LetsTransport’s total capital raised to $77 million, following a $25 million Series D round secured in July 2023. The fresh capital injection will empower LetsTransport to pursue a three-pronged strategy: expand its market presence, scale operations in adjacent business verticals, and achieve profitability.

A Platform Powering Efficient Logistics

Founded by Pushkar Singh, LetsTransport’s user-friendly platform offers clients access to a diverse fleet of trucks suitable for various use cases, spanning last-mile, mid-mile, and even electric vehicle deliveries. This flexibility ensures reliable and efficient delivery for brands while simultaneously enabling consistent income growth for partnered truck drivers. LetsTransport boasts an impressive client portfolio, counting a majority of India’s leading blue-chip enterprises across diverse sectors.

Driving Growth and Disruption in the Logistics Industry

LetsTransport has established itself as a key player within the highly fragmented Indian logistics industry, estimated to be worth $200 billion. The company boasts an extensive network exceeding 200,000 registered truckers and over 200 blue-chip clients operating across 25 cities. Their vision is to leverage technology to digitize and revolutionize this critical sector.

Beyond Core Services: Empowering Truckers

In addition to its core trucking aggregation services, LetsTransport is actively developing products designed to address the ancillary needs of its partnered truck drivers. The company has also achieved profitability at a city-level EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) and anticipates achieving national profitability by 2025 through this fresh round of funding.

Impressive Growth Trajectory

LetsTransport has experienced remarkable growth, boasting a near four-fold increase in business between fiscal years 2021 and 2023. While the company’s annual financial statements for FY23 are yet to be filed, LetsTransport reported a significant 98% jump in operating revenue for FY22, reaching Rs 403 crore compared to Rs 207 crore in FY21. However, losses also increased by 32% during the same period, rising from Rs 55 crore in FY21 to Rs 73 crore in FY22.

Competitive Landscape

LetsTransport operates within a competitive market space, facing established players like Delhivery, BlackBuck, and Rivigo. The company’s strategic use of technology, focus on profitability, and commitment to empowering its driver network position it for continued success in the dynamic Indian logistics industry.

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