Ankit Parasher (left), Pushkar Singh (centre) and Sudarshan Ravi were hostel mates at IIT-Kharagpur
Image: Nishant Ratnakar for Forbes India
Pushkar Singh | 28
Sudarshan Ravi | 27
Ankit Parasher | 28
Category: Industry, Manufacturing & Energy
It was 2008, when Pushkar Singh, Sudarshan Ravi and Ankit Parasher were hostel mates at IIT-Kharagpur. But it was only in 2013, when Singh was working for a biscuit manufacturing company that he realised the gap in the trucking segment, and the problems that enterprises face while trying to procure trucks for delivery. In April 2015, the three IITians came together to formally launch LetsTransport in Bengaluru.
Simply put, LetsTransport wants to be the Uber of logistics, where a customer can see online the availability and charges of trucks, and book one for inter-city deliveries. The platform is available for various sectors, including retail, FMCG and ecommerce. It currently operates in Karnataka, NCR, Maharashtra, Uttar Pradesh, Tamil Nadu, Andhra Pradesh, and Telangana, and works with more than 20,000 truckers.
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“We have focussed on serving enterprises from the beginning and are growing in that space. We have positive gross margins and are focusing on our way to profitability while we scale the business,” says Parasher.
LetsTransport has investments from Rebright Partners, NB Ventures, GMO Venture Partners and Mistui Sumitomo Insurance Venture Capital, and has raised a total of $18.3 million. In 2018, Shanghai-based Fosun International led a round of investments that raised $12 million along with Berterlsmann India Investments. With this, the company expects to expand to 20 cities this year. In the truck aggregation segment, LetsTransport competes with The Porter, BlackBuck and Rivigo.
“The team has built a robust technology solution addressing the core pain points and the product is ready for growth capital. The current addressable spend of corporates on intra-city logistics needs is over $3 billion, and growing. With no large organised player in the category, LetsTransport’s technology-led asset-light model truly makes it a pioneer and disruptor,” says Pankaj Makkar, managing director at Bertelsmann India Investments.