Bangalore, 4th August, 2015: Bengaluru based techno-logistics start-up, Letstransport.in (LT) that envisions to dramatically simplify the logistics space has raised $ 1.3 mn led by Singapore-based Japanese venture capital firm Rebright Partners. Serial Entreprenuers Ankush Nijhawan, Gaurav Bhatnagar and Manish Dhingraalso participated in the round.
If organized, the logistics space has tremendous latent potential. It forms the key component of any supply chain. The businesses need practical and operational solutions that are more than just the run of the mill transportation of goods.Consumers need logistics services ranging from transporting goods to moving houses. On the other handthere is an inefficiency in the supply side due to idle capacity. This is whereLT aims to streamline and revolutionize intra-city logistics. It offers a reliable, economical and one-of-a kind logistics experience for both at the convenience of click of a button.
“Services of LT not only benefit us monetarily but also enable us to focus on our core operations and relieve us of extraneous uncertainty. Sophisticated practices such as Just-in-Time now becoming common across industries, there is a dire need of a logistics partner to match such requirements & LT with its impressive team does exactly that.” says Mr. Amit,ITC
“I have been associated with Letstransport for the past 4 months. LT has helped me raise my standard of living by making me understand the importance of utilization. I had started with 1 truck and today all of my 4 trucks run on LT due to stability in earnings. With more earning capacity and sense of belonging imparted, LT is an irresistible platform for us” says Driver Partner H Isakaji.
The LT team consists of graduates from IIT Kharagpur having experiences in diverse fields such as Strategy, Operations, Business and Product development. Pushkar Singh, Co Founder and CEO says “During my tenure at ITC, I had spent hours chasing trucks which often did not report on time at the factory. This un-reliability and un-accountability had a cascading effect on the operations and was a major pain point. Adding to this, there were many trucking services that were desired but even the leading vendors didn’t provide them. Over the time, I noted that this big gap had only widend and the only way this could be bridged was through a technology enabled solution.”
Co-founders Sudarshan Ravi and Ankit Parasher complete the team. Sudarshanhas experience in operations & business development while Ankit has built enterprise solution products and is also an SLP fellow. The team has a first-hand experience at operations, which truly enables them to understand and develop a relevant and a consumer-friendly product.
“We wanted to be confident of our model and this industry,; hence we had not raised funds externally initially. Now that both our clientsand our drivers have confidence in us; we believe the time is opportune and we are ready to scale-up. With Rebright Partners coming on board, we believe that they will guide us in building a great organization and time-sustained symbiotic relationship with our clients. ” says Sudarshan.
Takeshi Ebihara, Founder General Partner, Rebright Partner added that “We have explored similar markets in South East Asia & see immense potential in the on demand logistics market in India. The team has brilliant operational insights developed from grass-root level knowledge, which has enabled them to conceptualize a relevant global product having the ability to disrupt the logistics space”.
“We are very excited to be associated with the LetsTransport. In an era where HyperLocal Mobile Services are leading business transformation, LetsTransport enables a whole new age of solutions for last mile logistics. Both Businesses and End Consumers can book their logistics need, and feel confident on the quality of drivers, fleet and transparency of pricing.” Said Manish.
Rebright Partners is a Singapore-based Japanese venture capital firm backed by leading Japanese Internet companies and focused on investing in startups in Southeast Asia led by Mr Takeshi Ebihara. It believes in companies, which aim for disruption of legacy inefficiency using software and Internet in large space.