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LetsTransport Secures $22M in Series E Funding, Eyes Profitability by 2025



LetsTransport, an enterprise trucking aggregator, has successfully closed its Series E funding round, raising $22 million. The funding was led by Bertelsmann India Investments, with participation from Rebright Partners, NB Ventures, ALES Global, Stride Ventures, CAC Capital, and others. This round brings LetsTransport's total fundraising to $77 million, following a $25 million raise in July last year.

With this latest funding, LetsTransport aims to expand its market presence, scale its adjacent business verticals, and achieve profitability. Founded by Pushkar Singh, LetsTransport offers a plug-and-play platform that provides clients with access to multiple assets across various use cases in the last-mile, mid-mile, and EV space. The platform ensures reliable delivery for brands while enhancing earnings for truckers. The company serves a majority of India's blue-chip enterprises across various sectors.

LetsTransport boasts over 200,000 registered truckers and more than 200 blue-chip clients across 25 cities. The company is on a mission to digitize and disrupt the highly fragmented $200 billion logistics industry. Additionally, LetsTransport is launching products to cater to truckers' ancillary needs.

The company has reported significant growth, approximately 4x, between FY21 and FY23. Although the annual financial statements for FY23 are pending, LetsTransport recorded a 98% increase in operating revenue to Rs 403 crore in FY22, compared to Rs 207 crore in FY21. However, its losses also increased by 32% to Rs 73 crore in FY22 from Rs 55 crore in FY21.

Competing with industry giants like Delhivery, BlackBuck, and Rivigo, LetsTransport aims to achieve profit after tax break-even by 2025.

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