Logistics startup LetsTransport on Wednesday said it has raised $22 million in its Series E round of funding led by Bertelsmann India Investments (BII), the venture capital arm of German media firm Bertelsmann SE & Co. KGaA.
Other investors including Rebright Partners, NB Ventures, ALES Global, Stride Ventures, and CAC Capital also participated in the fundraise.
Founded in 2015, LetsTransport enables last-mile, mid-mile deliveries for intra-state deliveries and caters to sectors across retail, fast-moving consumer goods, e-commerce, distribution and third-party logistics (3PL) companies. Its clientele includes Amazon, Bisleri, JioMart, JSW Cements, Pidilite, Britannia, Coca-Cola, Delhivery, and Udaan, among others.
With the newly raised funding, the company plans to expand its market presence and enhance its suite of logistics services. It claims to be profitable at a City EBITDA level and with this raise, it’ll be on track to achieve PAT breakeven by 2025.
In July, the company raised $25 million in a Series D funding round led by BII.
The government’s ambition to reduce logistics costs down to 7-8% of GDP, and enterprises moving towards organising their supply chains through higher technology adoption and increasing traceability, are all factors that play in LetsTransport’s favour, according to BII.
In May 2023, Ripplr raised $40 million in a Series B funding round, led by early-stage venture fund Fireside Ventures.