Chhavideep Singh
Source: Entrackr
LetsTransport is a Bengaluru-based structured and economical logistics start-up that has recently announced to have raised its latest Series B round funding from 11 different investors. These 11 investors also include Bertelsmann and Mitsui Sumitomo, ALES Global investment Partnership, Rebright Partners and a few Indian investors.
Founded back in 2015 by Ankit Parashar, Sudarshan Ravi and Pushkar Singh, the start-up is a reliable logistics solution provider that collects LCVs or Light Commercial vehicles for tech-based logistics solutions. The start-up is known to have its presence in various industries including FMCG sector, organised retail, e-commerce sector, distribution networks and third-party logistics as well.
Coming back to the funding, the logistics start-ups in India including competitors Shipsy, Delhivery and others have shown promising potential in their growth in these past months and even before that. Venture Capitalists have been eyeing to invest in the Indian logistics sector to capitalise on the growing opportunity.
LetsTransport is no different in this current Series B round, the start-up has managed to raise over INR 55 crore from 11 investors which not only gives the company a monetary incentive but otherwise too in terms of network enhancement for future growth.
According to a report by dailyhunt, the filings with the Ministry of Corporate Affairs clearly mentions that the company has raised INR 55.87 crore by allotting CCPS or Cumulative, Compulsorily Convertible Preference Shares at a Premium Price of INR 13,001.65 per share and Nominal Price of just INR 1 per share.
The company has reportedly raised INR 7.4 crore each from ALES Global Investment Partnership and Rebright Partners. INR 11.1 Crore from Mitsui Sumitomo Insurance Venture Capital and INR 14.9 Crore from Bertelsmann Nederland BV.
The Indian investors that participated in the funding round from the 11 investors included SR Foundation, Suruchi Foundation, Dharampal Satyapal Limited, Riti Foundation, DS Spiceco, Swati Foundation and RR Foundation. The remaining amount of the investment i.e. INR 15.07 crore has been invested by these Indian investors.
LetsTransport has over 55,000 truckers on-board across 14 Indian cities and its clients include some big names like Coca-Cola, Udaan, Vishal Mega Mart, Amazon, Bisleri, Flipkart, Delhivery and Future Supply Chain.
Furthermore, the company provides its clients with certain Value-Added Services like GPS facility, Status Updates, Screened Drivers, 24×7 services and point-to-point billing, as mentioned in a report by dailyhunt.
India is working to bring down logistics expenses from 14% to 9% of GDP under the Draft National Logistics Policy which is currently under the works.