LetsTransport Raises ₹100 Cr in Series B from Bertelsmann India Investments and Others

Bengaluru-based Diptab Ventures Pvt. Ltd, which operates tech-enabled logistics marketplace for intracity deliveries LetsTransport has raised a total of INR 100 Crores (~ US $14.1 million) from Bertelsmann India Investments, Fosun International & other investors. Currently operational in 7 cities and having expertise across key industries, i.e. fast moving consumer goods (FMCG), eCommerce, retail and logistics, etc. the latest infusion of growth capital will also be used for strengthening technology, adding new industry verticals to lock in marquee clients and for scaling up the company’s operations.

Owing to the fragmented nature of the mini trucks industry in India, Intra-city logistics while on the one hand, it is twice as expensive as it is in other economies for the client, on the other hand, the truck driver community remains one of the most economically backward. This gap is attributed to inefficiencies in the existing ecosystem.

Founded in early 2015, LetsTransport is a technology-enabled managed marketplace which operates on an asset-light model wherein it partners to bring in operational efficiency for truck owners to cater to the within city logistics requirements. Its multimodal network of trucks clubbed with proprietary technology increases utilisation resulting in higher earnings for the trucks and a 30% reduction in distribution cost for the client. The platform offers one of the most reliable & elastic distribution networks that is trusted by marquee clients such as Coca-Cola, Amazon, Metro Cash & Carry, Big Bazaar etc. Letstransport has touched over 20,000 truckers by enabling higher earnings in the seven cities that it operates in—Bengaluru, Delhi, Chennai, Mumbai, Hyderabad, Pune and Vijayawada.

The company counts investors including Rebright Partners, NB Ventures, GMO Venture Partners and Mitsui Sumitomo Insurance Venture Capital amongst others.

Pushkar Singh, CEO & Co-Founder, LetsTransport commented, “We share the same conviction as our investors to establish the largest network of intracity logistics network in a country with high urbanization rate along with a purpose to become the one-stop solution to one of the most oppressed communities – The truck drivers”. He also added, “We envision to create significant value for our clients and drivers, & are aware that the trust placed by them in us is not an entitlement, but something we need to earn, every day. With this infusion we now see ourselves penetrating the market with fantastic products and great solutions, with delighted customers backing up their journey with us. We see ourselves expanding to over 20 cities by the end of the year and our new products will help us in disrupting the industry."

Announcing the investment, Pankaj Makkar, Managing Director at Bertelsmann India Investments said, “Pushkar and his team bring in a rare combination of deep sector expertise, great industry solutions and high entrepreneurial energy. By leveraging technology to solve for fragmentation on the supply-side coupled with strong unit economics, we believe that the Company is strategically placed to capture the pole position in the market. We are excited to partner the Company’s next phase of growth."

LetsTransport, a techno-logistics solution provider precisely working on Intra City last mine logistics, Started back in early 2015 by Pushkar Singh, Sudarshan Ravi & Ankit Parasher, the company is based out of Bengaluru, and the network of the trucks is available in over seven cities and rapidly expanding to others. LetsTransport provides both on-demand and customised attachment solutions for its clients along with value-added services. LetsTransport’s services include screened drivers, audited vehicles, transparent pricing and point-to-point billing. They are working toward turning the logistic sector into a global phenomenon by making this sector smother, tech-enabled, cost-effective and unique

Fintech Startup Kissht Raises $10 Mn Funding Led By China's Fosun

Mumbai-based fintech startup Kissht, has raised $10 million (Rs 67 crore) in a funding round led by China’s Fosun International, a report in a financial daily stated.

The funding round also saw participation from the startup’s existing investors VC firm Endiya Partners and early-stage investor Ventureast, The Economic Times reported, citing two unnamed people in the know.

Kissht is expected to use the capital raised to further grow its presence across the country, as well as a strengthen its data science capabilities, and building its engineering and analytics tep ams. In an earlier conversation with ET, e Kissht CEO Vishwanathan had said that the startup planned to expand from India's top 15-20 cities to go deeper into the country.

Prior to the latest funding, the 2-year old company had raised about $3 million across its seed and Series-A equity financing rounds. ET was the first to report the firm's last funding round in its edition dated June 22. Investec acted as the financial advisor to the transaction.

Founded in 2015 by Krishnan Vishwanathan, Kissht is a financial technology platform that enables instant, seamless credit for consumers to make purchases at digital points of sale (online and offline).

Recently, the startup was in news when it announce its partnership with Andhra Pradesh government and announced to setup an office Vizag fintech valley. As per a post put up by the state’s IT Minister Nara Lokesh, Kissht alone will create around 300 jobs including 50 data scientists.