LetsTransport, a trucking aggregator for enterprises, has raised $22 million in its Series E funding round led by Bertelsmann India Investments. Rebright Partners, NB Ventures, ALES Global, Stride Ventures, CAC Capital, and others also participated in the round.
The firm had raised $25 million in July last year. Now, the fresh infusion takes the total fundraise to $77 million.
Following the latest round, LetsTransport plans to expand market presence, scale adjacent business verticals and reach profitability, the company said in a press release.
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 claims to have more than 200,000 registered truckers and over 200 blue-chip clients across 25 cities. The company aims to digitize and disrupt the highly fragmented $200 billion logistics industry.
LetsTransport is also launching products to empower truckers with their ancillary needs. The company said that it is already profitable at a city EBITDA level and with this raise, it’ll be on track to achieve profit after tax break even by 2025.
As per the company, it has grown approximately 4x between FY21 to FY23. While the firm is yet to file its annual financial statements for FY23, it registered a 98% jump in its operating revenue to Rs 403 crore in FY22 as compared to Rs 207 crore in FY21. The firm’s losses went up 32% to Rs 73 crore in FY22 from Rs 55 crore in FY21.
It competes with the likes of Delhivery, BlackBuck and Rivigo.
