Diptab, the owner of trucking logistics company LetsTransport has secured funds amounting to Rs 100 crore ($14.2 million) in Series B funding. This round was led by Bertelsmann India Investments and a Japanese-origin investor.
Fosun RZ Capital, the venture capital arm of Chinese conglomerate Fosun International, participated in the round earlier this year.
It has been reported that the developments pegged the valuation of the company, which provides intra-city logistics services, at $80-100 million.
“We will use the proceeds to move into newer segments such as pharmaceuticals, consumer durables and cement, among others… We will also expand our presence to 20 more towns and cities, up from our current seven, by 2020,” Singh stated.
Founded by IIT Kharagpur alumnus Singh, Sudarshan Ravi and Ankit Parashar in 2015, LetsTransport offers last-mile logistics to companies including Coca-cola, Flipkart, Amazon, Metro Cash and Carry, Future Supply Chain and Big Bazaar.
The company caters to clients spread across the consumer, ecommerce logistics & distribution and organised retail sectors and has about 20,000 truckers on its platform. It raised $4.5 million in 2016 from investors including Rebright Partners, Japanese payment gateway company GMO, NB Ventures and an investment arm of Mitsui Sumitomo.
“By leveraging technology to solve fragmentation on the supply-side coupled with strong unit economics, we believe that the company is strategically placed to capture the pole position in the market,” Pankaj Makkar, managing director at Bertelsmann India Investments said.
The investment in LetsTransport is Bertelsmann India’s third transaction in December. Earlier this month, it participated in the equity-funding rounds of portfolio companies Licious and Roposo.