Fosun leads $12 Mn Series B round in logistics startup LetsTransport

Started as bootstrapped firm, LetsTransport has bagged a funding of $12 million in Series B round led by Fosun RZ Capital. The round also saw a contribution of two other Japanese investors whose names haven’t been disclosed yet.

The China-based VC has poured in around $5 million in the startup.

The startup focused on solving the pain of efficient interstate transportation for companies, has raised $6.8 million so far through seed, series A, venture rounds. Two Japanese investors, Rebright Ventures and GMO, have been a part of previous rounds.

On the other hand, this is the second investment in a logistics startup for Fosun. It had backed Gurgaon based startup Delhivery, which belongs to the same segment, in March last year.

The Indian head of the Shanghai-headquartered VC, Tej Kapoor, during a panel discussion in Chindia 2018, had mentioned how logistics is one of the most preferred segment that the firm is looking to invest in.

In a conversation with Entrackr last year, Pushkar Singh, co-founder of LetsTransport had mentioned how they want to have 10 percent of trucks in Bengaluru on their platform by the end of 2018 and aimed to expand operations in 11 cities, including tier II and III.

The platform essentially enables logistics for enterprises. Its technology allocates delivery to a network of aggregated trucks and enables intra-city logistics for large enterprises (Coco-Cola, Amazon and Big Bazar), supply chain companies and local retailers.

With this funding, they have the potential to head closer to that goal. It would be interesting to see how the events pan out in the future.

The development was reported by ET.