 "EV aggregator LetsTransport raises $25 mn from Bertelsmann, others")
Commercial electric vehicle aggregator LetsTransport announced on Friday it has secured USD 25 million in a funding round.
The proceeds from the fresh round will be utilised to expand the company's market presence and reach profitability, it said.
The latest round was led by the existing long-term investment partner, Bertelsmann India Investments (BII), which pumped in USD 20 million, LetsTransport said.
Prior to this, the platform had raised cumulatively USD 30 million, it said.
The aggregator said its plug-and-play platform allows it to offer clients multiple assets across use cases in last-mile, mid-mile, and EV space.
"This latest funding round not only fuels our growth, but also reaffirms our shared vision of transforming the logistics industry. Globally, through its division Arvato, Bertelsmann is a major player in the supply chain industry, making them ideal long-term partners for us, said Pushkar Singh, co-founder and CEO, LetsTransport.
"Bertelsmann, which partnered with the aggregator in 2019, has doubled down on its commitment to support its portfolio, with an investment of USD 20 million from the new fund," the startup said.
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The investment will be instrumental in expanding the company's market presence, helping further in the journey to profitability, and enhancing the suite of logistics services, LetsTransport said.
This substantial investment by BII reinforces our strategic commitment to double down on our portfolio investments, Rohit Sood, partner at Bertelsmann India Investments (BII) said.
BII remains steadfast in its commitment to support portfolio companies' growth journeys, the aggregator said.