Bengaluru based Logistics startup, LetsTransporthas recently raised $22 million in its Series E funding round led by Bertelsmann India Investments. Other investors who participated in the funding round were Rebright Partners, NB Ventures, ALES Global, Stride Ventures, CAC Capital, and others.

The startup raised $25 million during July last year. This freshly injected fund increased their total amount of funding to $77 million. In a company press release they said that after the latest funding round LetsTransport has planned to expand their market presence, by scale adjacent business verticals and reaching profitability.

The startup was established by Pushkar Singh, c’s plug and play platform allows it to offer its clients multiple assets across use cases in last-mile, mid-mile, and EV space. They assure a safe delivery of products for brands and owing to this they consistently enhanced earnings for its truckers. It counts the majority of India’s blue-chip enterprises across sectors among its clients.

The company claims that, they have more than 200,000 registered truckers and over 200 blue-chip clients across 25 cities. The company is targeting to digitize and disrupt the highly fragmented $200 billion logistics industry.
LetsTransport is launching new products to assist truckers with their ancillary needs. The company also said that, it is already profitable at a city EBITDA level and with this raise, it’ll be on track to achieve profit after tax break even by 2025.

According to the company statement, it has grown approximately 4x between FY21 to FY23. The firm is yet to file annual financial statements for FY23. The revenue of the company registered 98% jump in their operating revenue to Rs. 403 crore in FY22 as compared to Rs. 207 crore in FY21. The losses of the firm went up 32% to Rs 73 crore in FY22 from Rs 55 crore in FY21.