LetsTransport: Driving innovation in Logistics Solutions
In today’s fast-paced world, characterized by the relentless drive to globalization, the explosive growth of e-commerce, and the constant evolution of consumer preferences, the logistics industry finds itself at the forefront of transformation. The journey of logistics evolution explores the transition from static warehouses to dynamic automated fulfillment centers, the transparency revolution enabled by blockchain technology and the final frontier of customer satisfaction- Last mile delivery.
LetsTransport, a Bengaluru based startup, Founded in 2015 by Pushkar SIngh, Sudarshan Ravi and Ankit Parashar, has attracted considerable market attention and appears poised for a promising future fueled by the latest funding of US$22 Million raised from 6 investors led by Bertelsmann India Investment in series E. ReBright Partners, NB Ventures, ALES GLOBAL, Stride Ventures, CAC Capital are some which participated in the round.LetsTransport has raised a total funding of US$99 million over 19 rounds.It’s first funding round was on Aug 04, 2015, which was a seed round of US$1.3 Million from Singapore-based Rebright Partners and others.
Let’s briefly explore the dynamics of the startup.
LetsTransport serves in the B2B space of the Retail, Transportation and Logistics Tech market segment. The platform specializes in tailor made logistic solutions for enterprises. Encompassing first-mile, mid-mile, and last-mile deliveries, as well as cold chain logistics and managed services. LetsTransport aspires to be the Uber of logistics, offering customers a convenient online platform to view truck availability and rates, and to book trucks for intercity deliveries across sectors like retail, FMCG, and e-commerce.They are Currently operating in Karnataka, NCR, Maharashtra, Uttar Pradesh, Tamil Nadu, Andhra Pradesh, and Telangana. They currently provide Tata Ace on demand as well as on attachment basis. As reported by BL, Bengaluru bureau ( The Hindu) it has over 2 lacs registered truckers and over 200 blue chip clients across 25 cities.As reported to Economic Times, LetsTransport was expected to include EVs to it’s fleet by 2022 and since then its fleet includes Piaggio, ETrio, ETO, Atigreen, and Kinetic, with a payload capacity of 500kgs and these operate with fixed batteries and Swappable battery system, hence driving its sustainable growth.They are currently launching in the North East and cover 60-65% of India geographically. The Economic Times reports that the company is currently profitable at the City earnings before Interests, Taxes and Depreciation and Amortization (EBITDA) level and aims to achieve profit after tax (PAT) breakeven by 2025. According to the company, itsgrowth surged nearly fourfold from FY21 to FY23. Although the annual financial statements for FY23 are pending, the operating revenue in FY22 increased to Rs 403 cr as compared to Rs 207 cr. in FY21.
The startup asserts that it has catered to more than 200 clients to date and lists the likes of Amazon, Flipkart, FSC, Metro, DELHIVERY, Godrej, Coca-Cola, Bisleri, bigbasket, Britannia, DMART, Pidilite,JSW, Udaan,Unilever, RelianceFresh in their client portfolio.
Shadowfax,Porter,Blowhorn, Rivigo,Ecom Express are some of its major competitors.
Talking to Economic Times , Pushkar Singh, CEO, Cofounder , LetsTransport and Rohit Sood Partner Bertelsmann India Investments were both delighted with the prospects of long term partnership. Pushkar Singh also stated “ Significant Investments will be made in products for both enterprises and truckers as well as expanding geographically to different areas in India”.
As LetsTransport continues to push the boundaries of Logistics in India it is reasonable to conclude that with its unwavering dedication, efficiency, reliability, customer satisfaction and sustainability the logistics market is ushering into a new era of excellence ascertaining the company’s motto “LOGISTICS, BUT BETTER”.
