Exclusive: LetsTransport co-founder Ankit Parasher exits to set up fintech venture

Exclusive: LetsTransport co-founder Ankit Parasher exits to set up fintech venture
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25 Aug, 2020

Ankit Parasher, a co-founder at DipTab Ventures run intra city logistics platform LetsTransport, has exited the company to set up his own fintech startup.

Parashar said he exited Bengaluru based LetsTransport in February.

His new company, Poziom Ventures, operates Salt, a SME-focused platform in the neobanking segment. While Parasher did not divulge further details on the company, the website Salt.pe states that it offers global payment cards and fintech solutions. 

The firm is also in talks with early stage investors to raise a seed funding round, he said.

“I have moved on from the operations of LetsTransport but continue to be a part of the shareholding of the company and the board. I am not in day to day operations anymore,” Parasher said, commenting on his departure. 

Other LetsTransport founders Pushkar Singh and Sudarshan Ravi continue to helm the operations at the five-year-old company. The startup helps enterprise clients book light commercial vehicles for urban logistics and manage bookings on its app.

“I have known Ankit since my college days and he is a close friend. Ankit has contributed to building LetsTransport and now he aspires to recreate the magic in another space. While he is now pursuing his second stint, he continues to be closely associated with us as a trusted advisor,” Singh, also CEO of LetsTransport, said in response to queries emailed by TechCircle.

LetsTransport is backed by Fosun RZ Capital, Bertelsmann, Mitsubishi and Rebright Partners. The company has so far raised $21.29 million in venture equity capital, according to data sourced from VCCEdge, apart from venture debt and loans from Innoven Capital, BlackSoil Capital and Stride Ventures. 

It raised $1.3 million from Mumbai-based NBFC BlackSoil Capital in June, prior to which it received $1.7 million from Innoven Capital in May. In December 2018, Fosun RZ Capital and Bertelsmann India jointly led a $14.77 million equity funding round in the firm.

The company counts Amazon, Flipkart, Coca-Cola and Bisleri among its clients and has a presence in 15 cities in India with a network of over 60,000 drivers.