• Trucking Aggregator LetsTransport has raised funding from Bertelsmann India and several other investors.

  • The company had raised $25 million in funding in July 2023 as well.

  • Total funds raised by the company now stand at $77 million.

LetsTransport, a prominent trucking aggregator serving enterprises, has successfully closed a Series E funding round, raising $22 million with Bertelsmann India Investments at the forefront.

Noteworthy participation also came from Rebright Partners, NB Ventures, ALES Global, Stride Ventures, CAC Capital, and other investors.

This latest funding milestone follows the company’s previous raise of $25 million in July last year. With this fresh capital injection, LetsTransport‘s total funds raised now stand at $77 million.

In light of this recent financing, LetsTransport has outlined its strategic agenda, including expanding its market footprint, amplifying adjacent business verticals, and achieving profitability, as outlined in a press release.

Founded by Pushkar Singh, LetsTransport operates a plug-and-play platform facilitating access to diverse assets tailored for various use cases, spanning last-mile, mid-mile, and electric vehicle (EV) logistics.

The platform is engineered to ensure dependable delivery services for brands while concurrently augmenting earnings for truckers. The company boasts a client roster comprising most of India’s leading enterprises across diverse sectors.

LetsTransport asserts its strong foothold, with a network exceeding 200,000 registered truckers and over 200 blue-chip clients spanning 25 cities. With a mission to digitize and revolutionize the highly fragmented $200 billion logistics sector, LetsTransport is rolling out products designed to address truckers’ ancillary needs.

According to the company, it has already achieved profitability at a city EBITDA level. With this latest funding round, LetsTransport anticipates achieving overall company-level profitability by 2025.

While detailed financial figures for FY23 are pending, LetsTransport has demonstrated robust growth, reporting a nearly fourfold increase in revenue between FY21 and FY23. In FY22 alone, operating revenue surged by 98% to Rs 403 crore compared to Rs 207 crore in FY21. However, the company experienced a 32% rise in losses, reaching Rs 73 crore in FY22 from Rs 55 crore in FY21.

LetsTransport operates in a competitive landscape, facing off against industry heavyweights like Delhivery, BlackBuck, and Rivigo.