LetsTransport, a commercial electric vehicle aggregator, announced that it has successfully raised $25 million in a funding round. The company plans to use the proceeds from this latest round to expand its market presence and achieve profitability. The funding round was primarily led by Bertelsmann India Investments (BII), an existing long-term investment partner, which invested $20 million in the platform.
Before this, LetsTransport had cumulatively raised $30 million. The platform’s plug-and-play approach enables it to offer clients various assets in last-mile, mid-mile, and electric vehicle spaces, catering to multiple use cases.
The CEO and co-founder of LetsTransport, Pushkar Singh, expressed enthusiasm about the funding, emphasizing that it not only drives their growth but also aligns with their vision of transforming the logistics industry. Bertelsmann, through its division Arvato, holds a significant position in the global supply chain industry, making them an ideal long-term partner for LetsTransport.
The investment from BII reaffirms their commitment to supporting their portfolio companies, as the company initially partnered with LetsTransport in 2019. The substantial investment will help LetsTransport expand its market presence, advance its journey towards profitability, and enhance its suite of logistics services.
Rohit Sood, a partner at Bertelsmann India Investments, stated that the investment showcases their strategic commitment to doubling down on their portfolio investments. BII remains dedicated to supporting the growth journeys of its portfolio companies, including LetsTransport.