Intra-city logistics marketplace, LetsTransport has raised ₹13 crores as a part of a new debt round from venture debt provider InnoVen Capital.
Founded in 2015, by IIT-Kharagpur alumni, Pushkar Singh, Sudarshan Ravi, and Ankit Parasher, Bengaluru-based LetsTransport provides urban logistics solutions to enterprises by offering tech-enabled intra-regional transportation services.
It also enables enterprise clients to book trucks and manage bookings through their mobile app, call and website.
“We continue to be bullish on the logistics space and expect that organized players will continue to gain share on the back of higher efficiencies and superior service delivery. LetsTransport has built a fantastic business in a rather capital efficient manner and we are excited to be part of their growth journey," said Ashish Sharma, CEO, InnoVen Capital India.
Back in May, last year, Innoven Capital had raised $200 million in equity from its shareholders — Singapore’s government investment firm Temasek and United Overseas Bank. In the past, Innoven Capital has also provided venture debt toSwiggy, Oyo and Byju’s, among others. In the logistics space.
Earlier in February, last year, Innoven also poured close to ₹35 crores in end-to-end logistics provider, XpressBees.
LetsTransport deals in the light commercial vehicle segment, and provides logistics service for a distance range 100-200 kms. It is currently present in 15 cities in India and claims to have a registered trucker supply of more than 58,000 drivers.
“We continue to scale up our network and improve our capabilities as we help streamline urban transportation for enterprises, especially during these trying times when more and more businesses are partnering with organized logistics players to enable direct to consumer deliveries. We are happy to partner with InnoVen in this journey and look forward to a long relationship," said Pushkar Singh, co-founder and CEO, LetsTransport.
LetsTransport reportedly acquihired web and mobile app development startup Pixlcoders, earlier in February, this year.
Back in 2018, LetsTransport had also raised $12 million ( ₹100 crore) in Series B funding round from Bertelsmann India Investments and Fosun International.