LetsTransport, a trucking aggregator for enterprises, has raised $25 million in a new funding round led by Bertelsmann and others.
The money will help expand its market and enhance its suite of logistics services. This brings the startup’s total sum of funding to $55 million to date. The company had raised $30 million cumulatively before this round.
Pushkar Singh, CEO & Co-Founder, LetsTransport, said, ‘This latest funding round reaffirms our shared vision of transforming the logistics industry. We are committed to empowering businesses to thrive in a seamless ecosystem.’
The platform guarantees continuously increased revenues for its truckers and reliable delivery for brands. The majority of India’s blue-chip businesses across all industries are among its clients.
According to Entrackr LetsTransport’s revenue from operations surged around 98% to Rs 403 crore during FY22 as compared to Rs 207 crore in FY21. As per Fintrackr’s analysis, its losses went up 32% to Rs 73 crore in FY22 from Rs 55 crore in FY21. The company is yet to file its FY23 numbers.
Sector-agnostic venture capital fund Bertelsmann India Investments (BII) has so far invested more than $1.06 billion. Recently closing its $500 million fund, led funding rounds with an initial investment ranging from $5 to $20 million.