Logistics Solution Provider LetsTransport Raises ₹10 Cr from Stride Ventures

• 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.

Tech-logistics solutions provider LetsTransport acqui-hires Pixlcoders

LetsTransport, a leading tech-logistics solution provider today announced the completion of acqui-hiring Pixlcoders, a Bengaluru-based web and mobile app development company. LetsTransport has on-boarded the ​​team of the Pixlcoders with an aim to strengthen the supply chain, boosting technology and enhancing its applications.

With this acqui-hire decision, LetsTransport aims to further build on disruptive technology for logistics and expand its presence in India. Pixlcoders, a team of 10 tech-enthusiasts along with its senior management will also help the brand in customised solutions such as user research, market validation, enriched UX and branding. Founded in 2016 by Suresh P and Punam Garu, this startup offers affordable customised software, digital products, e-commerce shops, and mobile applications across industries. They have helped develop websites, mobile apps and software for clients in India, US, UK, and UAE.

Commenting on the acquisition, Pushkar Singh, CEO of LetsTransport, said “We are re-shaping the last-mile delivery for businesses in India, and mobile solutions are key to building the network and scale-up effectively. We welcome the team of PixlCoders on our rocketship, as we look to build momentum in 2020.”

Commenting on the same, Sudarshan Ravi, Founder and CPO of LetsTransport, said, “I believe technology is having a great impact in logistics, making it an improved, automated, efficient and transparent process. Pixlcoders are an extremely talented and high-performance team and it feels great to add disrupting minds of technophiles to our growing team. With a disruptive tech focus in the logistics space, we, at LetsTransport aim at improving the efficiencies of logistics. We are quite excited to have a values-aligned team joining hands with us.”

Technology has played a significant role in boosting the logistics sector, making it more organised and predictable. This acqui-hiring will also boost the innovation in LetsTransport’s existing technology, moving the company a step closer to engaging 1,00,000+ truckers by next year. This will further enable enterprises to reach their consumers faster.

Suresh Pattu, Co-founder and CEO of Pixlcoders, highlighted further, “LetsTransport is doing great work in ensuring on-time delivery for brands in India. We are glad to collaborate with them and look forward to helping the brand expand in new geographies with enhanced applications and technology. Emerging technologies in logistics are pushing the boundaries and evolving the mechanism of the industry. We are excited to work with this renowned brand.”

LetsTransport, one of the market leaders in the tech-logistics sector offers an intra-state aggregation of light commercial vehicles for industry sectors like organized retail, FMCG and e-commerce, distribution and 3PL companies. This last-mile delivery service has been coupled with customized logistics solutions for enterprises along with other value-added services such as audited and GPS-enabled vehicles, point-to-point billing, status updates, 24x7 service at economical pricing. In fact, LetsTransport are the first movers to identify and empathize with the underserved urban trucker community and thereby making them a part of the mainstream economy.

About LetsTransport

LetsTransport was founded in 2015 by IIT-Kharagpur alumni Pushkar Singh, Sudarshan Ravi, and Ankit Parasher. It is a series-B funded, last-mile tech-logistics solution provider for intra-city deliveries based in Bangalore. It offers reliable, affordable, and professional services, structured to serve enterprises.

LetsTransport aggregates light commercial vehicles for urban logistics and have onboarded 55,000+ truckers on its platform across 14 cities. 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, 24x7 service, and greater efficiency, all at transparent and economical pricing.

LetsTransport, as a brand, is known as one of the market leaders in the enterprise segment, and first movers to identify and empathize with the underserved urban trucker community, playing a huge role in making them a part of the mainstream economy. This series-B funded tech-logistics company aims to disrupt the primitive $35bn+ urban-logistics industry by leveraging technology and help enterprises to reach consumers faster.

With a growth of over 10% month on month LetsTransport is India's largest enterprise urban-logistics provider in India, with 55,000+ Light Commercial Vehicles on its platform.

LetsTransport has raised US$20 million funding till date from leading investors like Fosun RZ Capital, Bertelsmann India Investments, Mitsubishi Corporation and others.

LetsTransport is investing in geographical and technological expansion and integrating technology to add more clients and for scaling up the company’s operations.

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