LetsTransport , a logistics based startup has risen amount of $4 M (Rs 27 Cr) in its series A round funding. The rounds were organized by GMO, a Japan-based payment gateway company along with Neelesh Bhatnagar, former CEO of Landmark Arabia.
Bangalore-Based logistics startup was found in August 2015 by Phuskar Singh (Co-founder and CEO), Sudharshan Ravi (Co-founder) and Ankit Prashar. The logistics startup provides solutions to speed up the transportation inside city with the help of mini and large trucks. They provide vehicles for retailers, Ecommerce and fast moving consumer goods (FMCG). The company operates both B2B and B2C model work.
Speaking about the company Mr. Phuskar, CEO said “Our technology platform currently has over 5,000 registered trucks. With the current round of capital, we will be building a data sciences team to improve the product feature for us and our clients. We have already started hiring for the team from banks and other industries.”
The previous funding of the company has risen $1.3M of seed funding from Rebright Partners, which is a Singapore based venture capital firm. LetsTransport operate in cities like Bangalore, Chennai, Delhi and other main cities. Vijayawada and Trichirapalli are new addition to their services.
In order to speed up things, Letstransport has also acquired another Bangalore-based logistics startup named Shifters. The company has to compete with leading logistics solution in the city like Karrier, Blowhorn Shippers and Pickingo. These companies are acquired in November 2015 by Shadowfix. Read more about funded startups.