LetsTransport, a Bengaluru-based last-mile intra-city logistics marketplace operated by Diptab Ventures Pvt. Ltd has raised ₹ 560 million (US$ 7.5 million) in what appears to be an extension of its Series B funding round held in November 2020. The investment came from DS Group, Bertelsmann, Japan’s Mitsui Sumitomo, Rebright Partners and Altes Global.
The tranche was led by DS Group with an infusion of nearly ₹ 16 crores (US$ 2.1 million) with Bertelsmann BV investing in ₹ 15 crores (US$ 2 million) and Japanese insurance company Mitsui Sumitomo contributing ₹ 11.2 crores (US$ 1.5 million). Rebright Partners and Altes Global have invested Rs 7.5 crore each. As per Fintrackr’s estimates, the company will have a value of around US$ 55 million after the completion of this round.
Earlier in December 2018, LetsTransport had raised ₹ 100 crores (US$ 13.5 million) in its Series B round, which was led by Fosun International and Bertlesmann India Investments.
LetsTransport primarily functions in the light commercial vehicle segment with a distance range of 100 to 200 kilometres. The company has maintained a presence in around 15 cities in India, claims to have served 200 enterprises with the help of over 55,000 registered truck drivers. It has an impressive clientele like Amazon, Coca-Cola, Flipkart, Udaan, Delhivery, Metro Cash & Carry, and Big Bazaar.
LetsTransport has competition from companies like Porter, Blowhorn, Rivigo and Blackbuck.
About LetsTransport
The company was co-founded in 2015 by IIT-Kharagpur Alumni Pushkar Singh, Sudarshan Ravi and Ankit Parasher. LetsTransport provides urban logistics services to businesses, where clients can book transport and manage its bookings through their platform, operating on an asset-light model by delivery to a network of aggregated trucks and provides intra-city logistics for large enterprises, supply chain companies and local retailers. The company has its headquarters in Bangalore, Karnataka. In the last three months, the startup has reached a big milestone by on-boarding 10,000 drivers on its platform.
About DS Group
Founded in 1929, DS Group is a multi-diversified conglomerate which has a strong establishment in high growth sectors like F&B that includes Spices and Beverages, Confectionary, Dairy and Mouth Fresheners; Hospitality, Tobacco, Packaging and Agri-businesses. Some of their popular brands are Catch, Rajnigandha, Pass Pass, Pulse, Ksheer, Namah, BABA & Tulsi. The company was founded by a father-son duo Shri Dharampal ‘Sugandhi’ and Shri Satyapal ‘Sugandhi’, also named after them. The company has its headquarters in Noida, Uttar Pradesh.
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