LetsTransport, an intracity last mile logistics service provider, has raised $12 million in a fresh funding round from Shanghai-based VC Fosun International, which primarily invested in India through its venture capital arm Fosun RZ Capital.
Along with Fosun, two other Japan-based investors also took part in the latest funding round. Reports indicate that Fosun International has invested $5 million of the total amount raised in this round. Tej Kapoor, India head and managing director of Fosun RZ Capital, has confirmed this development.
The startup was founded by Pushkar Singh, Sudarshan Ravi, and Ankit Parasher in January 2015. It facilitates inter-city aggregation of mini trucks and large vehicles across industry sectors like retail, FMCG, and ecommerce. Aiming to streamline and revolutionise intra-city logistics, LetsTransport operates on both B2B and B2C model.
Customers can book a truck using the company’s online platform. It charges a base fare for the first few kilometres (3-5 km depending upon the city) and then charges for every kilometre thereafter. There are no waiting charges for the first 60 minutes, after which the company charges Rs 2-3 for every minute.
Currently operating in Bengaluru, Chennai, and Tiruchirappalli, the company competes against the like sof TheKarrier, Blowhorn, Shippr, and Pickingo (acquired by Shadowfax), among others.
Fosun RZ Capital currently manages assets of about $1 billion globally and does seed-to-IPO investments. It has earlier backed startups such as Delhivery, Ixigo, Kissht, MakeMyTrip, Perk Finance, Mylo, and Kredley among others.