Logistics startup, LetsTransport has raised Rs 10 crore from venture debt fund, Stride Ventures in a funding round. This is the third round of funding for the startup since the lockdown began. It has raised in total Rs 33 crore during this period from Blacksoil Capital, InnoVen Capital and latest Stride Ventures reflecting the faith of investors in the startup
“While the sector has been adversely impacted by the lockdown, LetsTransport’s robust business and operating model have helped them navigate through these challenging times.” Ishpreet Gandhi, Managing Partner, Stride Ventures, said, “The startup’s swift recovery can be attributed to its superior tech-enabled business processes, large enterprise relationships, including essential goods, and the ability of the founders to onboard new clients through its unique offering of on-demand trucking.”
LetsTransport facilitates last mile intra-city deliveries for enterprise customers. It was founded in 2015 by 3 IIT-Kharagpur alumni Pushkar Singh, Sudarshan Ravi, and Ankit Parasher with an objective to provide tech-enabled logistics services. The startup enables enterprise clients to book trucks and manage bookings through their mobile app, call, and website. It deals in the light commercial vehicle segment with distancing ranging up to 300 kms
Pushkar Singh, Co-founder and CEO, LetsTransport, said, “Enterprise businesses are increasingly looking to partner with organised logistics players to facilitate direct to consumer deliveries. LetsTransport is driven to convert this pandemic into an opportunity by maximising the conversion of the unorganised sector into an organised one.”
With a network of 60K+ truck drivers in over 15 cities, the startup provides logistics services across various industry sectors such as organised retail, FMCG, ecommerce distribution, and 3PL companies. The company counts on Amazon, Flipkart, Bisleri, Vishal Mega Mart, Future Supply Chain, Coca-Cola, Delhivery, and Udaan as its clients.