- Raises INR 33 crores during the COVID-19 crisis to strengthen LetsTransport’s operational capabilities to help reshape the logistics ecosystem in India
Stride Ventures, one of India’s leading venture debt funds invested INR 10 crores in LetsTransport, the leading aggregator for fulfilling intra-city last-mile deliveries for enterprise customers. This investment by Stride Ventures boosts investors’ confidence in the logistics sector and showcases allegiance to be a part of its transformation. The fund intends to be a strategic partner in LetsTransport’s journey with their customized offerings and deep relationships across banks and corporates. During the COVID-19 crisis, the company has raised a total of INR 33 crores that signals strong investor confidence in the new-age logistic players.
LetsTransport provides urban logistics solutions to enterprises by offering tech-enabled intra-regional transportation services. It enables enterprise clients to book trucks and manage bookings through their mobile app, call and website. This tech-enabled urban logistics player deals in the light commercial vehicle segment, distance range up to 300 Kms, present in 15 cities in India with a solid client base consisting of marquee names and a registered trucker supply of 60,000+ drivers. The company primarily provides logistics solutions across various industry verticals and Its competitive advantage lies in its ability to cross utilize for higher capacity, increased asset sweating and an efficient cost structure.
Pushkar Singh, Co-founder & CEO, LetsTransport, added, “In a bid to help streamline urban logistics for enterprises in these trying times, we are constantly scaling up our operations and network by enhancing our capabilities. Enterprise businesses are increasingly looking to partner with organized logistics players to facilitate direct to consumer deliveries. LetsTransport is driven to convert this pandemic into an opportunity by maximizing the conversion of the unorganized sector into an organized one. We are happy to get an opportunity to partner with Stride Ventures and leverage their prior experience in asset financing segment that will help us to further scale our business.”
Ishpreet Gandhi, Managing Partner, Stride Ventures, said “While the sector has been adversely impacted by the lockdown, LetsTransport’s robust business and operating model have helped them navigate through these challenging times. The company’s swift recovery can be attributed to their superior tech-enabled business processes, large enterprise relationships including essential goods, and the ability of the founders to onboard new clients through their unique offering of on-demand trucking. We are excited about our partnership with LetsTransport and are fully committed to support the company and its vision going forward.”
LetsTransport aggregates light commercial vehicles for urban logistics and has onboarded 60,000+ truckers on its platform. LetsTransport works across industry sectors like organized retail, FMCG and e-commerce, distribution and 3PL companies. Some of its clients include Amazon, Flipkart, Bisleri, Vishal Mega Mart, Future Supply Chain, Coca-Cola, Delhivery, and Udaan. The company offers customized logistics solutions for clients, along with other value-added services such as screened drivers, audited and GPS-enabled vehicles, point-to-point billing, status updates, 24×7 service, and greater efficiency, all at transparent and economical pricing. (www.letstransport.in)
Delhi based Stride Ventures is focused on providing debt solutions to growth stage start-ups. Stride provides tailor-made debt solutions to start-ups, enabling them to bridge the working capital discrepancy and strategically allocate capital. Bringing more than six decades of collective underwriting experience, the fund helps its portfolio companies leverage the banking ecosystem through their domain expertise and extensive network.Stride Ventures had previously announced their third investment in Incredible Technologies, a used two-wheeler market place in April. The fund announced the first close of its maiden fund in November, 2019.