Truck aggregator startup LetsTransport raises $22M in a Series E round led by BII, others

LetsTransport, an aggregator for electric and other vehicles in urban logistics, has raised $22 million in a Series E funding round.

Bertelsmann India Investments led the round, investing $16 million. Other participants included Rebright Partners, NB Ventures, ALES Global, Stride Ventures, and CAC Capital. 

What is the purpose of fundraising?

Founded in 2015 by IIT-Kharagpur alumni Pushkar Singh, Sudarshan Ravi Jha, and Ankit Parasher, LetsTransport plans to use the raised funds to expand its market presence, scale adjacent business verticals, and continue its path towards profitability. 

Focusing on last-mile, mid-mile, and electric vehicle logistics, the startup connects businesses with a network of fragmented truckers, offering a plug-and-play platform that caters to various transportation needs.

Is it profitable?

Currently, LetsTransport is profitable at the city level in terms of earnings before interest, taxes, depreciation, and amortization (EBITDA). The startup aims to achieve its financial goal of profit after tax (PAT) breakeven by 2025.

The startup claims to have over 200,000 registered truckers and over 200 blue-chip clients across 25 cities.

Leadership comments

Co-founder and CEO Pushkar Singh emphasized the company’s commitment to innovation and customer satisfaction. "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 become a bridge between India’s vision of making logistics competitive and stakeholders proactively looking for upgradation,” Singh stated. 

"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,” Singh added.