Trucking aggregator Letstransport is raising $13.5 million (INR 113 Cr) in a mix of equity and debt from its existing investor Bertelsmann.
LetsTransport is raising $7.6 million (INR 63.5 crore) via compulsorily convertible shares, while the remaining amount is being raised in the form of debentures, the startup’s regulatory filings showed.
As per the filing, Bertelsmann will hold a 44.7% stake in the startup post this funding round
It is pertinent to note that the filings showed that LetsTransport also raised a debt of $4.7 Mn (INR 40 Cr) from Alteria Capital and InnoVen Capital in March.
A query email sent to LetsTransport on the funding round didn’t elicit any response till the time of publishing this story.
The fresh funding round comes almost a year after the startup announced it was raising $25 Mn led by Bertelsmann.
Founded in 2015 by Pushkar Singh, Sudarshan Ravi, and Ankit Parasher, LetsTransport is a last-mile tech-logistics solution provider for intra-state deliveries. The Bengaluru-based startup offers light commercial vehicles for urban logistics in over 20 cities.
LetsTransport offers first to last-mile delivery solutions, along with cold chain solutions. Its mobile platform provides enterprises with a cost-effective transportation solution and helps them connect with truckers.
The startup claims to have served over 200 enterprises to date and counts the likes of Flipkart, Coca-Cola, Amazon, Bisleri, and Nestle among its clients. It has a presence in major Indian cities like Delhi, Chennai, Mumbai, Bengaluru, Pune, and Hyderabad.
