Diptab Ventures Pvt. Ltd, which operates last-mile-based intra-city logistics marketplace LetsTransport, has raised Rs 10 crore ($1.31 million at current exchange rates) in debt funding from Stride Ventures.
New Delhi-based Stride Ventures confirmed the development in a tweet. It comes less than a month after LetsTransport raised Rs 13 crore (around $1.71 million) in venture debt from InnoVen Capital.
In a statement to the Press Trust of India, the Bengaluru-based company said the capital infusion from Stride is part of its efforts to strengthen its operational capabilities during the crisis caused by the Covid-19 pandemic.
“We are happy to get an opportunity to partner with Stride Ventures and leverage their prior experience in asset financing segment that will help us to further scale our business,” company co-founder and CEO Pushkar Singh said.
LetsTransport was founded in 2015 by Singh, Sudarshan Ravi and Ankit Parasher. The company provides urban logistics services to businesses. Clients can book vehicles and manage bookings through its platform.
It primarily deals in the light commercial vehicle segment with a distance range of between 100 to 200 kilometres. It maintains a presence in around 15 cities in the country.
The funding from Stride and InnoVen comes around a year and a half after the logistics marketplace raised Rs 100 crore (around $13.5 million) in a Series B round led by Fosun International and Bertlesmann India Investments.
LetsTransport had in January 2017 raised $4 million (around Rs 27.2 crore) in its second round of funding from GMO Venture Partners, Neelesh Bhatnagar of NB Ventures and existing investor Rebright Partners.
The investment firm was set up by Ishpreet Gandhi. An alumnus of the Delhi School of Economics, he has over a decade of experience in the banking industry. He previously worked with Standard Chartered Bank, Kotak Mahindra Bank, Citibank India, Yes Bank and IDFC Bank.
Apart from Gandhi, the firm's team consists of Avtar Monga, who is a designated partner. Monga earlier held key positions at IDFC Bank and Bank of America.
Stride Ventures had marked the first close of its debut venture debt fund at Rs 100 crore in December last year.
Its first investment was in Stellapps Technologies Pvt. Ltd, an Internet of Things firm which operates in the dairy segment. The fund's sweet spot for investment is in the range of $1-2 million and, like most venture debt firms, it will be sector-agnostic, Gandhi had told VCCircle earlier. Stride Ventures had said it plans to invest in 35-40 startups over the next three years.