Diptab Ventures Pvt. Ltd, which operates last-mile-based intra-city logistics marketplace LetsTransport, has raised Rs 13 crore (approximately $1.71 million at current exchange rates) in funding from venture debt firm InnoVen Capital.
“We continue to be bullish on the logistics space and expect that organized players will continue to gain share on the back of higher efficiencies and superior service delivery,” Ashish Sharma, CEO at InnoVen Capital, said.
Bengaluru-based LetsTransport was founded in 2015 by Pushkar Singh, Sudarshan Ravi, and Ankit Parasher. The company says it provides urban logistics solutions to businesses and enterprises. 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 kilometers. It currently maintains a presence in around 15 cities in the country.
Separately, Singh said the company was focussing on scaling up its network and operational capability to help enterprises streamline their urban transportation needs.
The funding from 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.
According to VCCEdge, the data research arm of Mosaic Digital, LetsTransport reported net sales of Rs 91.11 crore and Rs 47.58 crore for the 2019 and 2018 financial years. It reported negative EBITDA (earnings before interest, taxes, depreciation and amortisation) figures of Rs 14.71 crore and Rs 8.15 crore for the same period.
The venture debt firm was set up in 2008 and says it offers several solutions, including venture debt, acquisition finance, growth loans and syndication. InnoVen Capital says it has so far completed over 250 transactions with more than 180 startups.
Earlier this month, the firm took part in a $13 million (around Rs 98.38 crore) Series C funding round in BigFoot Retail Solutions Pvt. Ltd, which operates e-commerce-focussed logistics-technology firm Shiprocket.
In February, VCCircle reported that InnoVen had provided venture debt to a healthcare company that had last raised a significant equity funding round less than three years ago.
Also in February, InnoVen contributed $3 million to a $21.5 million (around Rs 153 crore) mixed equity and debt round in Sunshine Teahouse Pvt. Ltd, which operates tea-focussed café chain Chaayos.
Other companies that InnoVen has invested in include OYO Rooms, Swiggy, Byju’s, DailyHunt and FirstCry.