Venture debt fund Stride Ventures announced its investment of Rs 10 crore in Bengaluru-based intra-city trucking logistics startup LetsTransport, on Monday.
LetsTransport is an aggregator for fulfilling Intra city last-mile deliveries for enterprise customers. It claims to provide urban logistics solutions to enterprises by offering tech-enabled, intra-regional transportation services. The startup enables enterprise clients to book trucks and manage bookings through their mobile app, call, and website. It deals in the light commercial vehicle segment, distance ranging up to 300 km. Currently, LetsTransport's presence is seen in over 15 cities in India with a registered trucker supply of over 60,000 drivers.
Commenting on the operations of the startup, Ishpreet Gandhi, Managing Partner, Stride Ventures, said, "While the sector has been adversely impacted by the lockdown, LetsTransport's robust business and operating model have helped them navigate through these challenging times. The startup's swift recovery can be attributed to its superior tech-enabled business processes, large enterprise relationships, including essential goods, and the ability of the founders to onboard new clients through its unique offering of on-demand trucking.”
Delhi-based Stride Ventures is India’s newest venture debt fund and is focussed on providing debt solutions to growing startups. In April, the fund announced its third investment in Incredible Technologies, a used two-wheeler marketplace and raised 100 crores in December last year.
LetsTransport was founded by IIT-Kharagpur alumni Pushkar Singh, Sudarshan Ravi, and Ankit Parasher in 2015. It is a new-age reliable logistics solutions platform aiming to disrupt on-time delivery with last-time efficiency across various industry sectors including organised retail, FMCG, e-commerce distribution, and 3PL companies, and claims that its competitive advantage lies in its cross utilisation ability for higher capacity, increased asset sweating, and an efficient cost structure. Some of its clients include big companies like Amazon, Flipkart, Bisleri, Vishal Mega Mart, Future Supply Chain, Coca-Cola, Delhivery and Udaan.
During the COVID-19 crisis, the startup has raised a total of Rs 33 crore. Earlier this month, the startup had seen a similar amount of investment by Blacksoil Capital. In May, InnoVen Capital had also announced an investment of Rs 13 crore in LetsTransport.
“Enterprise businesses are increasingly looking to partner with organised logistics players to facilitate direct to consumer deliveries. LetsTransport is driven to convert this pandemic into an opportunity by maximising the conversion of the unorganised sector into an organised one," Pushkar Singh, Co-founder and CEO, LetsTransport, said.