Venture lender InnoVen Capital on Monday said it has invested about $1.7 million as debt into Diptab Ventures, the parent company of LetsTransport, a technology-enabled logistics marketplace for intra-city deliveries.
The Bengaluru based startup will use the fresh capital to support its operational capabilities, according to a statement.
LetsTransport provides urban logistics solutions to its enterprise clients, who can book trucks and manage bookings through a mobile app, call and website. Some of its clients include Amazon, Flipkart, Bisleri, Vishal Mega Mart, Future Supply Chain, Coca-Cola, Delhivery, and Udaan.
“We continue to be bullish on the logistics space and expect that organized players will continue to gain share on the back of higher efficiencies and superior service delivery,” Innoven Capital India CEO Ashish Sharma said.
LetsTransport’s other value-added services include screened drivers, audited and GPS (global positioning system)-enabled vehicles, point-to-point billing, status updates, 24×7 service, and transparent pricing.
The startup deals in the light commercial vehicle segment, in the distance range of 100 to 200 kilometres. It is present in 15 cities in India with a registered trucker supply of over 58,000 drivers.
“We continue to scale up our network and improve our capabilities as we help streamline urban transportation for enterprises, especially during these trying times when more and more businesses are partnering with organized logistics players to enable direct to consumer deliveries,” Pushkar Singh, co-founder and CEO at LetsTransport.
Founded in 2015, by IIT Kharagpur alumni Singh, Sudarshan Ravi, and Ankit Parasher, LetsTransport last raised funds in December 2018. The company has raised over $20 million in total investments so far, from institutional investors such as Fosun RZ Capital, Bertelsmann India Investments and Mitsubishi Corporation.
In May alone, TechCircle reported three other fundraises in the logistics-tech sector.
Shiprocket raised $13 million in its Series C round of funding led by Tribe Capital. BlackBuck raised $4 million from returning venture lender Trifecta Capital. Loadshare Networks raised about $13.2 million from Beenext in a Series B funding round.