LetsTransport raised $22 million, anchored by Bertelsmann India Investments and with significant involvement from other investors. The money will be used to assist market expansion, vertical scaling of businesses, and profitability. By 2025, the business hopes to improve logistical competitiveness and meet financial goals.
Bertelsmann India Investments led the investment round for truck aggregation startup LetsTransport, which garnered $22 million. Rebright Partners, NB Ventures, ALES Global, Stride Ventures, CAC Capital, and other investors also contributed to the round.
The money will be used to increase market presence, scale adjacent company verticals, and reach profitability.
The platform, founded in 2015 by Pushkar Singh, Sudarshan Ravi, and Ankit Parasher, connects businesses with dispersed drivers while also providing transportation solutions. It provides its clients with a variety of assets for use cases in last-mile, mid-mile, and electric vehicle (EV) applications.
According to the company, there are over 200,000 registered truckers and more than 200 blue-chip clients in over 25 cities.
“We strive to continuously create moats around our top customers, both corporations and drivers. We consider ourselves to be an enablement layer by developing products that serve as a bridge between India’s aim of making logistics competitive and stakeholders who are actively looking for upgrades,” said cofounder and CEO Pushkar Singh.
The Bengaluru-based startup is now profitable at the city earnings before interest, taxes, depreciation, and amortization (Ebitda) level and plans to reach profit after tax (PAT) breakeven by 2025, according to the company.
Prateek Pujari, cofounder and chief operating officer, stated, “Our focus remains on creating value for our stakeholders and driving positive change in the logistics ecosystem.”
Commenting on the investment. Rohit Sood, Partner at Bertelsmann India Investments, who first invested in the company in 2018, stated, “We are happy to double down on our investment in Lets Transport. We remain optimistic of the market’s potential.”
In June 2023, the company raised $25 million in a fundraising round headed by Bertelsmann India Investments.
LetsTransport claims to have over 200,000 registered trucks and over 200 blue-chip clients in 25 cities. The startup intends to modernize and disrupt the extremely fragmented $200 billion logistics industry.
LetsTransport is now releasing products to help truckers with their auxiliary requirements. The company stated that it is already profitable at a city EBITDA level, and that with this increase, it will be on track to break even by 2025 after taxes.
