The start-up will use the funds to scale up their operations and network so as to help streamline urban logistics for enterprises in the current times
Logistics start up LetsTransport on Monday raised ₹10 crore from Stride Ventures, a leading venture debt fund.
The start-up will use the funds to scale up their operations and network so as to help streamline urban logistics for enterprises in the current times. Stride will be a strategic partner in LetsTransport's journey with their customized offerings and relationships across banks and corporates.
“LetsTransport is driven to convert this pandemic into an opportunity by maximizing the conversion of the unorganized sector into an organized one. We are happy to get an opportunity to partner with Stride Ventures and leverage their prior experience in asset financing segment that will help us to further scale our business" said Pushkar Singh, co-founder and CEO, LetsTransport.
LetsTransport deals in the light commercial vehicle segment, with a distance range of up to 300 kms, and provides logistics solutions across various industry verticals.
While the logistics sector has been adversely impacted by the lockdown, LetsTransport's claims that its robust business and operating model have helped them navigate the current crisis with ease. This is due to their tech-enabled business processes, large enterprise relationships and the ability of the founders to onboard new clients through their unique offering of on-demand trucking. “We are excited about our partnership with LetsTransport and are fully committed to support the company and its vision going forward," said Ishpreet Gandhi, Managing Partner, Stride Ventures.
This investment by Stride Ventures is a shot in the arm for the logistics sector during covid-19, besides boosting investor confidence in the sector.