Diptab Ventures Pvt. Ltd, which operates the last-mile intra-city logistics marketplace LetsTransport, has raised Rs 56 crore (about $7.5 million) in an apparent extension of its Series B funding round, according to a report.
Bengaluru-based LetsTransport raised this capital from investors including the DS Group, Bertelsmann, Japan’s Mitsui Sumitomo, Rebright Partners and Altes Global, Entrackr reported, citing regulatory filings.
LetsTransport was founded in 2015 by Pushkar Singh, Sudarshan Ravi and Ankit Parasher. The company provides urban logistics services to businesses. Clients can book vehicles and manage bookings through its platform.
The startup has issued 42,975 Series B1 compulsorily convertible preference shares to investors at Rs 13,002.65 apiece. While DS Group invested Rs 16 crore, Bertelsmann subscribed to shares worth Rs 15 crore.
Mitsui Sumitomo infused Rs 11.2 crore in LetsTransport. Rebright Partners and Altes Global each invested Rs 7.5 crore in the logistics-tech firm. The investment valued the company around Rs 400 crore, the report said.
VCCircle has reached out to the company on the details of this latest fundraise and will update this report accordingly.
LetsTransport had raised Rs 100 crore in December 2018 in its Series B round, which was led by Fosun International and Bertlesmann India Investments.
Since then, it has raised debt funding from investors including BlackSoil Capital, Stride Ventures and InnoVen Capital. In June, it pocketed Rs 10 crore from Stride and an equal amount from BlackSoil. In May, it raised Rs 13 crore from InnoVen.
LetsTransport 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.