LetsTransport, an online logistics marketplace for intra-city transportation, has reportedly raised around ₹100 crore in a fresh funding round. According to the report from VCCircle, the funding was raised from Fosun International and Bertelsmann India Investments.
A person aware of this new funding round told VCCircle that the Series B funding is now closed which was co-led by Fosun and Bertelsmann. It also added that Japan’s Mitsui Sumitomo Insurance Venture Capital has also invested in this round.
The newly raised capital will be used by the Bengaluru-based logistics startup to product development, technological expansion as well as to further scale up its operations.
The development is in line with the previous media reports which indicated that the startup is planning to raise around $15 million in a new funding round from its existing investors as well as new investors.
In January last year, the company had 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. Prior to that, it had raised $1.3 million in its seed funding round in August 2015.
LetsTransport 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 is also offering 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.
Currently, the company claims to have operations in seven cities — Bengaluru, Delhi, Chennai, Mumbai, Hyderabad, Vijayawada, and Tiruchirapalli. For the financial year 2016-17, the startup registered a six-fold rise in operational revenues at ₹19.18 crore, up from ₹3.17 crore in the previous year.