Bertelsmann India Investments Invests In Lets Transport
Bertelsmann India Investments has held a stake in Lets Transport, an Indian logistics platform founded in 2015, since 2017. Now, BII is investing another 20 million U.S. dollars in the company, that connects independent truck drivers (truckers), small freight forwarders, and corporate customers all across India on a single platform. More than 200,000 truck drivers are already registered with Lets Transport.
Bertelsmann India Investments (BII) has invested US$20 million (approximately €17.8 million) in the Bangalore-based Indian logistics platform Lets Transport. This makes the Bertelsmann fund, which has already owned a stake in Lets Transport since 2019, the largest investor of this financing round totaling US$25 million. The start-up, founded in 2015, had already raised a total of US$30 million in previous financing rounds.
Lets Transport connects independent truckers, small freight forwarders, and corporate clients across India, providing scalable and cost-effective transport solutions for businesses of all sizes. The company uses data analytics and cutting-edge algorithms to ensure that goods reach their destination on time and that the targets agreed with customers (service level agreement) are met more than 97 percent of the time. In total, there are an estimated ten million truck drivers in India who work independently (“fragmented truckers”). As of today, more than 200,000 of these drivers and their vehicles are registered on the Lets Transport platform, making the company one of the largest providers on the subcontinent in this highly fragmented sector. Lets Transport already has more than 200 corporate clients, including some of the country’s largest companies, and the young company has grown fourfold in the past two years. The start-up states that it will use the fresh capital to expand its market presence, improve its range of logistics services and accelerate its path to profitability.
“We partnered with Lets Transport back in early 2019 and the team, excellently led by Pushkar, has delivered great results despite the challenges posed by Covid,” Rohit Sood, a Partner at Bertelsmann India Investments, said. “We believe that Lets Transport is on its way to becoming a leader in the Indian logistics landscape and in future, will be a key enabler for adoption of EVs in the country. This substantial investment by BII reinforces our strategic commitment to double down on our active portfolio investments.”
Deniz Pielsticker, CFO of Bertelsmann Investments, explained: “Under the Group’s Boost and Next programs, Bertelsmann Investments is investing substantially in the establishment and expansion of growing companies worldwide – such as LetsTransport. Each investment we make follows a rigorous evaluation process based on a stringent set of investment strict criteria to ensure long-term value creation for the Bertelsmann Investments portfolio. We believe that LetsTransport has both the right and the capabilities to win in its relevant market.”
Pushkar Singh, CEO & Co-Founder of Lets Transport, commented: “We are immensely grateful to Bertelsmann for being a great partner for all these years and for the conviction shown in our mission through this recent investment. This latest funding round not only fuels our growth, but also reaffirms our shared vision of transforming the logistics industry. Globally, through its division Arvato, Bertelsmann is a major player in the supply chain industry, making them ideal long-term partners for us. Together, we are committed to shaping the future of logistics and empowering businesses to thrive in a seamless and efficient ecosystem.”
Contact
Jan Hölkemann
Communications Bertelsmann Investments, Spokesperson / Communications Content Team
Phone: +49 (0) 52 41 80 89923