PE-VC Fund Investments
Bertelsmann Next enters India with acquisition of logistics player Lets Transport
Bertelsmann Next India (BNI), the mid-market and acquisition investment vehicle of Germany-based media, services and education conglomerate Bertelsmann has acquired Bengaluru-based logistics marketplace Lets Transport .Accounting for an 80% stake in Lets Transport, the acquisition makes the latter the first portfolio company of BNI. Bertelsmann has provided an exit to existing investors of LetsTransport, including Alteria Capital, Stride Ventures, and Rebright Partners, among others.LetsTransport is an asset-light logistics marketplace founded in 2015 that aggregates light and medium commercial vehicles for urban logistics. It connects enterprises with a network of over 250,000 truckers for first-mile, mid-mile, and last-mile delivery across 30+ cities, serving sectors like e-commerce, FMCG, and retail.Over the next 18-24 months, BNI will consolidate its investment in Lets Transport through a host of other acquisitions. The acquired entity will be rebranded as Lets Transport Group. The company is currently doing USD 100-150 million in sales, growing at around 15% annually.The focus for the current year is a new vertical, a partial loading business that allows companies with shipment sizes of up to 250 kg to access India's rural heartland with faster turnaround times.
Between Aug 2015 and Jul 2024, LetsTransport had attracted about USD 73 M from Rebright Partners, GMO Venture Partners, NB Ventures, KC Investments, Mitsui Sumitomo Insurance Venture Capital, BlackSoil Capital, Bertelsmann India Investments, Fosun Group, InnoVen Capital, Stride Ventures, ALES Global, CAC Capital, Alteria Capital and others.For FY24, LetsTransport had reported about INR 390 Cr in Operating Income and about INR 114 Cr in Net Loss.
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