LetsTransport ramps up fleet, expands to three more cities

LetsTransport ramps up fleet, expands to three more cities
Photo Credit: 123RF.com
3 Nov, 2020

Intra city logistics platform LetsTransport on Tuesday said it has added 10,000 new drivers on the platform and expanded operations to three new cities.

With the new addition, its current fleet size stands at over 75,000 trucks, according to a statement. TechCircle has reached out to LetsTransport for more details about the expansion.

 “In these trying times when enterprise businesses are increasingly looking to partner with organized logistics players to enable direct to consumer deliveries, we are committed to providing to the best of our abilities. Tapping on the increased demand, we are planning to elevate our pan India presence and are looking forward to investing heavily in technology enhancement, diversification in cold chain logistics, and electric vehicles,” Pushkar Singh, CEO and co-founder, LetsTransport said.

Singh founded LetsTransport in 2015 with fellow IIT Kharagpur alumni Sudarshan Ravi and Ankit Parasher. In August, Parasher exited the company to set up his own fintech startup.

The Bengaluru-based company, owned by  Diptab Ventures, provides urban logistics solutions to enterprises, who can manage their truck bookings through a phone call, mobile app or website. It operates in the light commercial vehicle segment, with a distance range up to 300 kilometres.

The company claims it has grown beyond pre-Covid levels in a span of two months after the lockdown. Currently present in 17 cities, it plans to expand to 35 more cities and grow by 150- 200% next year, the statement added.

LetsTransport’s other value-added services include screened drivers, audited and GPS (global positioning system)-enabled vehicles, point-to-point billing, status updates and 24×7 service.

Some of its clients include Amazon, Flipkart, Bisleri, Vishal Mega Mart, Future Supply Chain, Coca-Cola, Delhivery and Udaan.

The startup raised a total of $2.6 million in two separate rounds from Mumbai headquartered non-banking financial company BlackSoil Capital and New Delhi-based venture debt firm Stride Ventures in June to  strengthen its operational capabilities during the Covid-19 pandemic.

Venture debt firm InnoVen Capital invested $1.7 million in the firm in May.

Its other investors are Fosun RZ Capital, Bertelsmann, Mitsubishi and Rebright Partners. The company has so far raised about $27 million from a mix of equity and debt investors, according to data sourced from VCCEdge.