Intra-city trucking logistics startup LetsTransport on June 15 said it has raised Rs 10 crore in debt from Stride Ventures, which provides loans to startups.
LetsTransport provides urban logistics solutions to enterprises by offering tech-enabled intra-regional transportation services. It enables enterprise clients to book trucks and manage bookings through their mobile app, call and website.
It is present in 15 cities and has over 60,000 drivers on its platform.
Stride is India's newest venture debt fund, with a target corpus of Rs 500 crore for its debut fund. It raised Rs 100 crore last December.
"Enterprise businesses are increasingly looking to partner with organized logistics players to facilitate direct to consumer deliveries. LetsTransport is driven to convert this pandemic into an opportunity by maximising the conversion of the unorganised sector into an organised one," said Pushkar Singh, co-founder and CEO, LetsTransport.
The fundraising also comes a time when most startups have seen revenues plummet and growth slow down during the pandemic. Investors have also been funding fewer companies than before, and some firms are raising are a smaller debt round to tide over the crisis, rather than the large equity round they had earlier planned.
"While the sector has been adversely affected by the lockdown, LetsTransport's robust business and operating model have helped them navigate through these challenging times. The company’s swift recovery can be attributed to their superior tech-enabled business processes, large enterprise relationships including essential goods, and the ability of the founders to onboard new clients through their unique offering of on-demand trucking," said Ishpreet Gandhi, managing partner, Stride Ventures.
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