India’s e-commerce market is the fastest growing in Asia and expected to hit $6 billion this year. The country’s underdeveloped logistics networks needs to improve quickly, however, in order to support the volume of orders.
Bengaluru-based Letstransport, one of several startups that specializes in ensuring smooth last-mile logistics, or deliveries just before they get to their destination, has raised $1.3 million led by Rebright Partners, with participation from Ankush Nijhawan, Gaurav Bhatnagar, and Manish Dhingraalso.
Co-founder and chief executive officer Pushkar Singh learned about the importance of logistics while working as an assistant operations manager at Indian comglomerate ITC’s factories.
If a truck was late, it would have a domino effect on the rest of the factory’s abiility to run smoothly. Some trucking services had a better reputation than others, but they weren’t offered as an option by the factories’ most important vendors.
LetsTransport hopes to make life easier for businesses and end consumers with online booking and transparent pricing. Its new funding will be used to build its technology infrastructure, hire more people, and focus on expanding throughout India, says Singh. LetsTransport currently handles over 3,000 transactions a month, and has a 100 vehicle fleet.
The company recently grew its B2B and B2C customer base by acquiring Shifter, another on-demand logistics service.
Singh says LetsTransport’s main competitors are ThePorter, TheKarrier, and Shippr.in. He believes LetsTransport can set itself apart by using the combined background of its founding team, which also includes former J.P. Morgan equity strategy analyst Sudarshan Ravi and software engineer Ankit Parasher, “to cater to the varying needs of multiple dissimilar stakeholders and industry verticals.”
For example, LetsTransport is developing its tech platform so it can distinguish between trucks that serve the construction or catering industries, so the right vehicles is deployed as quickly as possible to a client.