VC Fund Investments
Trucking aggregator LetsTransport to raise $13.5 M from Bertelsmann
Bengaluru-based trucking aggregator LetsTransport is raising USD 13.5 million (about INR 113 crore) in a mix of equity and debt from existing investor Bertelsmann. Of this, USD 7.6 million (about INR INR 63.5 crore) is being raised via compulsorily convertible shares and the rest as debt. Post this funding round, Bertelsmann will hold around 44.7% stake in the startup.In March, LetsTransport had raised debt of USD 4.7 million (about INR 40 crore) from Alteria Capital and InnoVen Capital. Last year, the startup raised USD 25 million led by Bertelsmann. Overall, the firm has raised USD 65 million till date.Founded in 2015 by Pushkar Singh, Sudarshan Ravi, and Ankit Parasher, LetsTransport provides last-mile tech-logistics solutions for intra-state deliveries. The startup claims to have served over 200 enterprises including Flipkart, CocaCola, Amazon, Bisleri, and Nestle. It has a presence in Delhi NCR, Chennai, Mumbai, Bengaluru, Pune, and Hyderabad. In FY22, it posted a revenue of INR 407 crore and a loss of INR 73 crore.
Want to receive such news items in your inbox? Click Here to sign up for a trial.
