LetsTransport Secures $25 Million Investment The substantial investment will be instrumental in expanding its market presence, accelerating the company's journey to profitability, and enhancing its logistics services
By Teena Jose
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LetsTransport, a trucking aggregator for enterprises, has secured $25 million investment from long-term Investor, Bertelsmann, and Others. Prior to this round, LetsTransport had raised $30 million. According to the company, LetsTransport's mission is to revolutionize India's trucking industry by seamlessly aggregating India's 10 million-plus fragmented truckers.
"We are happy to invest an additional $20 million to our portfolio company, LetsTransport. We partnered with the company back in early 2019 and the team, excellently led by Pushkar, has delivered great results despite challenges posed by covid. We believe that Lets Transport is on its way to becoming a leader in the Indian logistics landscape and in future, will be a key enabler for adoption of EVs in the country. This substantial investment by BII reinforces our strategic commitment to double down on our portfolio investments," said Rohit Sood, Partner, Bertelsmann India Investments.
In an official statement, the company said that the investment further validates LetsTransport's potential and underscores the confidence investors have in the company's disruptive vision. Also, LetsTransport's plug and play platform allows it to offer its clients multiple assets across use cases in last-mile, mid-mile, and EV space. It further added that the substantial investment will be instrumental in expanding its market presence, accelerating the company's journey to profitability, and enhancing its logistics services.
"We are immensely grateful to Bertelsmann for being a great partner for all these years and for the conviction shown in our mission through this recent investment. This latest funding round not only fuels our growth, but also reaffirms our shared vision of transforming the logistics industry. Globally, through its division Arvato, Bertelsmann is a major player in the supply chain industry, making them ideal long-term partners for us. Together, we are committed to shaping the future of logistics and empowering businesses to thrive in a seamless and efficient ecosystem," said Pushkar Singh, CEO and co-founder.
