LetsTransport, a last mile logistics service provider, has today announced that it has raised $4 million in its Series A round of funding, led by Japan’s payment gateway company GMO and Neelesh Bhatnagar, former CEO of Landmark Arabia.
Commenting on the investment, Ryu Muramatsu, founding partner of GMO Venture Partners said,
The team with relevant industry experience has deep business understanding. Products developed from these insights are parallel to other global start-ups in this space. Its full stack technology products for all stakeholders and predictive failure algorithms have the potential to disrupt the logistics industry.
Pushkar Singh, co-founder of LetsTransport, also shared his views on the investment as under,
Our technology platform currently has over 5,000 registered trucks. With the current round of capital, we will be building a data sciences team to improve product feature for us and our clients. We have already started hiring for the team from banks and other industries.
The company was founded by Pushkar Singh, Sudarshan Ravi and Ankit Parasher in January 2015. It facilitates inter-city aggregation of mini trucks and large vehicles across industry sectors like retail, FMCG, and e-commerce. With the goal to streamline and revolutionize intra-city logistics at the tap of a button, LetsTransport operates on both B2B and B2C models.
It offers features like screened drivers, audited vehicles, transparent pricing and point-to-point billing, driver’s mobile app and client’s dashboard. On the household front, their services can be used for anything ranging from delivering appliances, moving furniture, to relocating or for simply hauling goods for a party.
Earlier, in August 2015, the startup had raised $1.3 million in a seed round of funding, led by Rebright Partners, a Singapore-based Japanese venture capital firm. Prior to that, it had acquired a Bengaluru-based logistics startup named Shifter. The company is steadily understanding the broken dynamics of the last mile delivery market and moulding its offerings accordingly.