Gurugram registered Diptab Ventures, which operates intra-city logistics platform LetsTransport, has raised around $7.5 million (Rs 55.8 crore according to current exchange rates) from returning investors including Bertelsmann, Rebright Partners, Mitsui Sumitomo Insurance Venture Capital among others.
The company issued 42,975 Series B1 shares to the investors, according to regulatory filings. Earlier this year, LetsTransport raised $4.3 million in debt from BlackSoil Capital, Stride Ventures and InnoVen Capital in separate rounds for expansion.
The company recently announced expansion of operations to three new cities with the addition of 10,000 new drivers. LetsTransport, which has operations across 17 cities, plans on expanding to 35 new cities by next year, said a separate statement issued by the company.
Queries sent to the company from TechCircle remained unanswered until the time of publishing the article.
LetsTransport has also indicated that it will invest in cold-chain logistics as well as a fleet of electric vehicles apart from technology enhancement and diversifying its line of business.
Founded in 2015 by IIT Kharagpur alumni Pushkar Singh, Sudarshan Ravi and Ankit Parasher, LetsTransport provides last-mile intrastate freight deliveries. Parasher moved out of the company in August to set up a fintech company.
The company works with a network of 70,000 LCV trucks pan-India and works with clients in diverse sectors including FMCG, ecommerce, distribution and third party logistics companies. Some of its clients include Amazon, Bisleri, Jio Mart, Brittania and others. It also offers value-added services such as GPS-enabled vehicles, point-to-point billing and other services.
LetsTransport competes with the likes of Bengaluru-based Blowhorn and LOTrucks.