Innoven Capital Pumps Rs 13 Cr In LetsTransport

Innoven Capital Pumps Rs 13 Cr In LetsTransport

InnoVen Capital has so far, completed more than 250 transactions with above 180 startups.

19 May, 2020

LetsTransport, Bengaluru-based intracity logistics firm, announced on Monday, 18th May, that it has received an investment of Rs 13 crore from InnoVen Capital. 

CEO of InnoVen Capital India, Ashish Sharma, said in a statement, "We continue to be bullish on the logistics space and expect that organised players will continue to gain share on the back of higher efficiencies and superior service delivery. LetsTransport has built a fantastic business in a rather capital-efficient manner and we are excited to be part of their growth journey.”

Founded by three IIT-Kharagpur alumni — Pushkar Singh, Sudarshan Ravi and Ankit Parasher, in 2015, LetsTransport offers last-mile, techno-logistics solutions for intra-city deliveries. It allows enterprise clients to book trucks and manage bookings through a call, mobile app or website. The firm deals in the light commercial vehicle segment, covering distances from 100 to 200 kilometres. Its services are present across 15 cities in India, with a registered trucker supply of more than 58,000 drivers. 

Pushkar Singh, Co-founder and CEO, says, “We continue to scale up our network and improve our capabilities as we help streamline urban transportation for enterprises, especially during these trying times when more and more businesses are partnering with organised logistics players to enable direct to consumer deliveries. We are happy to partner with InnoVen in this journey and look forward to a long relationship.” 

The firm works across sectors including organised retail, distribution, FMCG, e-commerce and 3PL companies. Some of its clients include Flipkart, Amazon, Bisleri, Future Supply Chain, Vishal Mega Mart, Coca-Cola, Delhivery, and Udaan. 

In addition, the firm offers value-added services including screened drivers, point-to-point billing, audited and GPS-enabled vehicles, status updates and round-the-clock services and greater efficiency in an economical pricing model. 

InnoVen Capital has so far, completed more than 250 transactions with above 180 startups, including BYJU'S, DailyHunt, Swiggy, Oyo Rooms, CureFit, Eruditus and FirstCry.