LetsTransport, an enterprise-focused logistics marketplace for intra-cities delivery, has raised around $7.6 million or Rs 56 crore from its existing investors in what appears to be an extended Series B funding round for the Bengaluru-based company.
LetsTransport has allotted 42,975 Series B1 CCPS at an issue price of Rs 13,002.65 per share to raise the sum, regulatory filings show.
DS Group has led the tranche with an infusion of nearly Rs 16 crore while Bertelsmann BV has invested Rs 15 crore. Japanese insurance company Mitsui Sumitomo has poured Rs 11.2 crore in the five-year-old firm.
Rebright Partners and Altes Global have invested Rs 7.5 crore each. As per Fintrackr’s estimates, LetsTransaport will be valued at around $55 million or Rs 400 crore post this round.
Prior to this round, LetsTransport had raised around $20 million which include $1.3 million as debt in June 2020, $12 million Series B round in December 2018 and $6.8 million in Series A and seed round.
Floated by Pushkar Singh, Sudarshan Ravi and Ankit Parasher, LetsTransaport operates on an asset-light model and allocates delivery to a network of aggregated trucks and enables intra-city logistics for large enterprises, supply chain companies and local retailers.
Currently present in 15 cities in India, the firm claims to have served 200 enterprises with the help of more than 55,000 registered truck drivers. Its clientele includes Amazon, Coca-Cola, Flipkart, Udaan, Delhivery, Metro Cash & Carry, and Big Bazaar.
LetsTransport competes with Porter, Blowhorn and to some extent with Rivigo and Blackbuck.
Following the latest capital infusion, Rebright has become the largest shareholder in the company with 14.58% stake. Mitsui has 3.9% holding while DS Group and Bertelsmann control 3.76% and 2.32% stake each. Altes Global has around 1.88% stake in the company.