Trucking Aggregator LetsTransport and Bertelsmann Partner for 13.5 Mn Dollars Investment

Let’sTransport is a logistics platform founded in April 2015 that focuses on making logistics easier for everyone, particularly in the last mile delivery sector. The company has achieved significant milestones since its inception, including acquisitions such as Shifter, a B2C logistics platform. Let’sTransport has received funding, expanded its operations across various cities like Bangalore, Delhi, Chennai, Hyderabad, Mumbai, Lucknow, Jaipur, Chandigarh, and more, and has garnered notable recognition, including Forbes Asia 30 under 30 and Forbes Under 30 India. They have introduced initiatives like fuel cards, insurance for truckers, and a Covid care program. Let’sTransport also leads in the Electric Vehicle revolution in India with one of the largest EV fleets and offers financial programs for truckers.

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Letstransport, a leading platform for trucking services, is securing $13.5 million (approximately INR 113 crore) through a combination of equity and debt from its current backer, Bertelsmann.

According to the startup’s official documents filed with regulators, Letstransport is obtaining $7.6 million (around INR 63.5 crore) through compulsorily convertible shares, while the remainder is being raised through debentures.

According to the documents submitted, Bertelsmann is set to secure approximately 44.7% ownership in the startup following this round of funding. Additionally, it’s worth mentioning that LetsTransport secured a debt of $4.7 million (around INR 40 crore) from Alteria Capital and InnoVen Capital back in March, as indicated by the filings. Despite reaching out to LetsTransport for comments on the funding round, no response was received at the time of publishing this story. The latest infusion of funds arrives almost twelve months after Let’sTransport secured a $25 million investment spearheaded by Bertelsmann.

Not only does Let’sTransport excel in providing solutions from doorstep to destination, but it also extends its expertise to cold chain logistics. Through its user-friendly mobile platform, Let’sTransport furnishes enterprises with an economical transportation alternative, fostering seamless connections with truckers. The startup has provided services to more than 200 enterprises to date, with clients including Flipkart, CocaCola, Amazon, Bisleri, and Nestle.

It operates in key Indian cities such as Delhi NCR, Chennai, Mumbai, Bengaluru, Pune, and Hyderabad. Overall, LetsTransport has raised a total of approximately $65 million in funding to date, including its most recent round. It is supported by investors such as Fosun International and Stride Ventures.

This budding business is in competition with big players like WheelsEye, Agraga, and Zyngo. WheelsEye raked in INR 208 Cr in revenue but also faced a loss of INR 96 Cr in the fiscal year FY23. On the other hand, Agraga secured a hefty $8.5 Mn in funding from IvyCap Ventures and Alteria Capital in 2023, while Zyngo raised $5 Mn from Delta Corp and LLC Nueva Investments during the same period.

As for LetsTransport, they’re still to share their financial updates for FY23 with the Ministry of Corporate Affairs (MCA). In the preceding fiscal year, FY22, they reported INR 407 Cr in revenue alongside a loss of INR 73 Cr.

Letstransport, a major player in last-mile technology logistics, has secured $13.5 million in funding, with Bertelsmann playing a significant role. This funding consists of a combination of equity and debt, with Bertelsmann set to own approximately 44.7% of the startup. Letstransport’s wide reach spans over 20 cities, offering solutions for intra-state deliveries and cold chain logistics to over 200 enterprises, including notable clients like Flipkart, CocaCola, and Amazon. Despite strong competition from industry peers, Letstransport’s financials reflect impressive growth, with the company reporting INR 407 Cr in revenue and an INR 73 Cr loss in FY22.