Stride Ventures, a venture capital firm in India which aims to invest in innovative startups across the country, announced that it has invested Rs 10 crore in LetsTransport, a Bengaluru-based aggregator for fulfilling intra-city last-mile deliveries for enterprise customers.
Commenting on the investment, Ishpreet Gandhi, Managing Partner, Stride Ventures, said, “While the sector has been adversely impacted by the lockdown, LetsTransport’s robust business and operating model have helped them navigate through these challenging times. The startup’s swift recovery can be attributed to its superior tech-enabled business processes, large enterprise relationships, including essential goods, and the ability of the founders to onboard new clients through its unique offering of on-demand trucking.”
Founded in 2015 by Pushkar Singh, Sudarshan Ravi, and Ankit Parasher, LetsTransport provides urban logistics solutions to enterprises by offering tech-enabled, intra-regional transportation services. The startup enables enterprise clients to book trucks and manage bookings through their mobile app, call, and website.
Pushkar Singh, Co-founder and CEO, LetsTransport, said, “Enterprise businesses are increasingly looking to partner with organised logistics players to facilitate direct to consumer deliveries. LetsTransport is driven to convert this pandemic into an opportunity by maximising the conversion of the unorganised sector into an organised one.”
Recently, Blacksoil Capital invested Rs 10 crore in the startup. In May, InnoVen Capital announced an investment of Rs 13 crore in LetsTransport.
The startup primarily provides logistics solutions across various industry verticals such as organised retail, FMCG, ecommerce distribution, and 3PL companies, and claims that its competitive advantage lies in its ability to cross utilise for higher capacity, increased asset sweating, and an efficient cost structure.
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