EV aggregator LetsTransport secures $25 million from Bertelsmann, others
- ByStartupStory | July 15, 2023
Trucking aggregator for enterprises, LetsTransport, has successfully raised $25 million in a new funding round, with Bertelsmann and other investors leading the investment.
With this funding round, LetsTransport has now raised a total of over $55 million.
The funds raised will be utilized by LetsTransport to expand its market presence, achieve profitability, and enhance its suite of logistics services.
LetsTransport, founded by Pushkar Singh, operates a plug-and-play platform that offers clients a wide range of assets for various use cases in last-mile, mid-mile, and EV logistics.
By ensuring reliable delivery for brands and improving earnings for truckers, the platform has attracted a significant client base, including many of India’s leading enterprises across different sectors.
During the financial year 2021-2022, LetsTransport witnessed a significant surge in revenue from operations, reaching around Rs 403 crore, a growth of approximately 98% compared to Rs 207 crore in the previous year. However, the company also experienced increased losses, which rose by 32% to Rs 73 crore in FY22 from Rs 55 crore in FY21. The financial performance for FY23 is yet to be disclosed as the company has not filed its numbers.
Bertelsmann India Investments (BII), a sector-agnostic venture capital fund, has been a prominent investor in the Indian market, having invested over $1.06 billion to date. With the recent closure of its $500 million fund, BII has led funding rounds with initial investments ranging from $5 to $20 million.
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