LetsTransport Secures $22M in Series E Funding Round Led by Bertelsmann

• ByStartupStory     |    April 24, 2024

EV aggregator LetsTransport has successfully closed a Series E funding round, raising $22 million. The round was led by Bertelsmann India Investments (BII), with a significant contribution of $16 million. Other notable participants in the funding round include Rebright Partners, NB Ventures, ALES Global, Stride Ventures, and CAC Capital.

The newly acquired funds will be strategically allocated towards expanding LetsTransport’s market presence, enhancing its business operations, and propelling the company’s journey towards profitability.

Rohit Sood, Partner at Bertelsmann India Investments, expressed his confidence in LetsTransport’s potential and the resilience demonstrated by its team, particularly during the challenges posed by the COVID-19 pandemic. He stated, “Ever since we first partnered with LetsTransport in early 2018, Pushkar and his team have shown incredible resilience and achieved impressive results, especially during the COVID-19 challenges. We are delighted to double down on our investment in LetsTransport. We remain convinced of the market potential.”

LetsTransport’s CEO and Co-founder, Pushkar Singh, shared his vision for the company, emphasizing its role in bridging India’s logistics gap. He stated, “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 India’s vision of making logistics competitive & stakeholders proactively looking for upgradation.”

Singh expressed gratitude towards Bertelsmann and other investors for their continuous support and belief in LetsTransport’s mission. He added, “We are immensely grateful to Bertelsmann and other investors for their immense support through all these years and for the conviction shown in our mission through this recent investment. This latest funding round not only fuels our growth, but also reaffirms our shared vision of transforming the logistics industry.”

Founded in 2015 by IIT-Kharagpur alumni Pushkar Singh, Sudarshan Ravi Jha, and Ankit Parasher, LetsTransport specializes in providing last-mile techno-logistics solutions for intra-city deliveries. The company’s plug-and-play platform connects businesses with a network of fragmented truckers to deliver cost-efficient transportation solutions. LetsTransport is poised to introduce new products to support truckers with their ancillary needs, further solidifying its position as a leader in the logistics sector.

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