Logistics startup LetsTransport on Friday said it has raised $25 million in a Series D funding round led by Bertelsmann India Investments (BII), the venture capital arm of the German media firm Bertelsmann SE & Co. KGaA.
Founded in 2015, LetsTransport enables last-mile deliveries for intra-state deliveries and has raised $30 million before the latest funding round, the company said.
“We partnered with the company back in early 2019 and the team, led by Pushkar, has delivered great results despite the challenges posed by COVID. We believe that Lets Transport is on its way to becoming a leader in the Indian logistics landscape and in the future, will be a key enabler for the adoption of EVs in the country,” said Rohit Sood, Partner, Bertelsmann India Investments.
Bertelsmann said its conviction in LetsTransport is bolstered by macro tailwinds. The government’s ambition to reduce logistics costs down to 7-8% of GDP and enterprises moving towards organising their supply chains through higher technology adoption and increasing traceability are all factors that play in LetsTransport’s favour.
Since its launch in 2012, BII has invested in more than 17 companies in the country, some of which are already unicorns. Its investments include Eruditus, Licious, Shiprocket, Pepperfry, AgroStar, and Lendingkart.
LetsTransport’s funding comes amid rising investor activity in the logistics sector in India. In May, Ripplr raised $40 million in a Series B funding round, led by early-stage venture fund Fireside Ventures. Separately, Agraga, a startup that integrates asset holders to simplify cross-border logistics, said it has raised $8.5 million in a Series A round led by IvyCap Ventures. In January, Locad raised $11 million in a Series A funding round led by Reefknot Investments, a fund anchored by Temasek and logistics firm Kuehne & Nagel.