Debt provider InnoVen Capital invested INR 130 Million in a Bengaluru based start-up, Let’s transport as a part of debt round. The start-up had also secured US$12 million in Series B funding round led by, Bertelsmann India Investments and Fosun International in 2018.
The company deals in light commercial vehicle segment and provides urban logistic services to enterprises by offering tech enabled intra-regional services for a range of 100-200 kms. It currently operates in 15 cities of India and also claims to have a registered trucker supply of more than 58,000 drivers. It also enable its clients to book and manage trucks, track through their website, mobile apps and calls.
Co-founder and CEO of Let’sTransport, Pushkar Singh stated “We continue to scale up our network and improve our capabilities as we help streamline urban transportation for enterprises, especially during these trying times when more and more businesses are partnering with organized logistics players to enable direct to consumer deliveries. We are happy to partner with InnoVen in this journey and look forward to a long relationship.”
The start-up was established in 2015 by Pushkar Singh, Ankit Parashar and Sudarshan Ravi (IIT Kharagpur alumnus) and profitably managing its operations across fast moving consumer goods (FMCG), e-commerce and organized retail. The company’s clients include Flipkart, Amazon, Coca Cola, Bisleri, Vishal Mega Mart, Future supply chain, Udaan and Delhivery. It has about 20,000 trucks which caters to clients spread across the ecommerce logistics & distribution, organised retail sectors and consumers.
The demand of logistics is increasing rapidly with increasing e-commerce activities in India. It is forecast to grow at a 10.5% rate between 2019 and 2025. This industry provides employment opportunities to over 22 million people.
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