Logistics platform LetsTransport has raised $22 million in Series E funding round led by Bertelsmann India Investments.
Rebright Partners, NB Ventures, ALES Global, Stride Ventures, CAC Capital and others have also participated in the round. The company aims to deploy the new fundraise for expanding market presence, scale adjacent business verticals and to achieve profitability.
Founded in 2015, by Pushkar Singh, Sudarshan Ravi, and Ankit Parasher, the company aims to links businesses with fragmented truckers. LetsTransport’s plug and play platform offer its clients multiple assets across use cases in last-mile, mid-mile, and EV space. The company is one of the largest aggregators of commercial EVs in India.
The company is already profitable at a City EBITDA level and with this fundraise, it aims to achieve profit after tax (PAT) breakeven by 2025, it said in its statement.
LetsTransport has over 2 lakh registered truckers and over 200 blue chip clients across 25 cities.
“We aspire to constantly build moats around our best customers both enterprises and truckers. We believe ourselves to be an enablement layer by creating products which becomes a bridge between the India’s vision of making logistics competitive & stakeholders proactively looking for upgradation. We are immensely grateful to Bertelsmann and other investors for their immense support through all these years. This latest funding round not only fuels our growth, but also reaffirms our shared vision of transforming the logistics industry,” said Pushkar Singh CEO & Co-Founder.