LetsTransport passes resolution to raise Rs 113 crore from Bertelsmann India Investments

Moneycontrol was first to report in March that LetsTransport was raising money from BII in an internal round

LetsTransport, the truck aggregator startup, has passed a resolution to raise a total of Rs 113 crore (around $13.7 million) from Bertelsmann India Investments (BII), financial filings sourced via Tofler showed. Of the total amount, around Rs 63.5 crore will come via compulsorily convertible cumulative participatory preference shares (Series E CCCPS) and the remaining Rs 49.8 crore will in the form of debt (Series E Compulsorily Convertible Debentures (CCD), as per the filings.

Moneycontrol was first to report in March that LetsTransport was raising money from BII in an internal round which values the company at around $80 million, sharply lower than its last reported valuation of $220 million in 2022.

The capital infusion comes at a time when a deal between TPG NewQuest and LetsTransport did not fructify. NewQuest was considering a $20 million investment in LetsTransport at a valuation of around $200 million but later revised the terms to offer for the same amount at a valuation of $100 million, a 50 percent reduction, as investors reset multiples for startups across the board amid a tighter macroeconomic setting. The talks fell through because of a mismatch in valuations, as reported in March.

Moneycontrol had reported that BII was looking to up its stake in the startup and once the fresh round is complete, BII will own 44.7 percent of LetsTransport.

BII and LetsTransport did not immediately respond to Moneycontrol’s email.

Once complete, this will be the second cheque that BII will write for the Bengaluru-based company in less than a a year. In July 2023, BII pumped $25 million into LetsTransport and said it “remains steadfast in its commitment to support portfolio companies’ growth journeys”.

BII first invested in LetsTransport in 2018 and has participated in subsequent equity rounds after that, as per Tracxn, a private markets data provider.

Founded in 2015 by Pushkar Singh, Sudarshan Ravi, and Ankit Parasher, LetsTransport is a plug-and-play platform that offer its clients multiple assets across use cases in last-mile, mid-mile, and EV space. It competes closely with Peak XV-backed Porter.

The company had raised $50 million prior to the latest developments. Rebright Partners, Mitsui Sumitomo Insurance Venture Capital, Swati Foundation, DS Group and Aamara Capital are some of its investors.