 "Truck hiring startup LetsTransport acquires Shifter")
Bengaluru-based truck hiring startup, LetsTransport.in has acquired Shifter in an all-cash deal and for an undisclosed sum.
"The buyout has been funded through the money raised from the founding team and their associates," Pushkar Singh, co-founder and chief executive officer of LetsTransport, told Business Standard.
Floated in early 2015, LetsTransport is the brain child of Pushkar Singh, a former employee of ITC, Sudarshan Ravi, ex-JP Morgan official, and Ankit Parasher, former associate of CA Technologies. All the founding members are alumni of IIT-Kharagpur.
Singh said LetsTransport was looking at clocking 2,000 trips this month and will leverage Shifter's network. LetsTransport had executed 1,200 truck trips in May.
Shifter is a mini-truck procurement service available online or on call.
Singh said LetsTransport was looking at clocking 2,000 trips this month and will leverage Shifter's network. LetsTransport had executed 1,200 truck trips in May.
Shifter is a mini-truck procurement service available online or on call.
"This acquisition will play a key role in augmenting our operations from both a customer as well as a supporting fleet perspective. This will also increase our presence in both business and consumer space," Singh said.
LetsTransport is currently in talks with some investors to raise funds in a pre-Series-A round, Singh said without specifying the timeframe or amount.