LetsTransport raises $25 Mn from Bertelsmann, and others

LetsTransport, a trucking aggregator for enterprises, has raised $25 million in a new funding round led by Bertelsmann and others.

The startup has cumulatively raised over $55 million to date.

According to LetsTransport, the funds will be used in expanding its market presence, achieving profitability, and enhancing its suite of logistics services.

Founded by Pushkar Singh, LetsTransport’s plug and play platform allows it to offer its clients multiple assets across use cases in last-mile, mid-mile, and EV space.

The platform ensures reliable delivery for brands and consistently enhanced earnings for its truckers. It counts the majority of India’s blue-chip enterprises across sectors among its clients.

LetsTransport's revenue from operations surged around 98% to Rs 403 crore during FY22 as compared to Rs 207 crore in FY21. As per Fintrackr's analysis, its losses went up 32% to Rs 73 crore in FY22 from Rs 55 crore in FY21. The company is yet to file its FY23 numbers.

Sector-agnostic venture capital fund Bertelsmann India Investments (BII) has so far invested more than $1.06 billion. Recently closing its $500 million fund, led funding rounds with an initial investment ranging from $5 to $20 million.