Bengaluru based techno-logistics start-up, Letstransport.in (LT) has raised US$ 1.3 mn led by Singapore-based Japanese venture capital firm Rebright Partners
Bengaluru based techno-logistics start-up, Letstransport.in (LT) has raised US$ 1.3 mn led by Singapore-based Japanese venture capital firm Rebright Partners. Serial Entrepreneurs Ankush Nijhawan, Gaurav Bhatnagar and Manish Dhingra also participated in the round.
The LT team consists of graduates from IIT Kharagpur having experiences in diverse fields such as strategy, operations, business and product development. Pushkar Singh, co founder and CEO said, “During my tenure at ITC, I had spent hours chasing trucks which often did not report on time at the factory. This un-reliability and un-accountability had a cascading effect on the operations and was a major pain point. Adding to this, there were many trucking services that were desired but even the leading vendors didn’t provide them. Over the time, I noted that this big gap had only widened and the only way this could be bridged was through a technology enabled solution.”
Takeshi Ebihara, founder general partner, Rebright Partner said, “We have explored similar markets in South East Asia and see immense potential in the on demand logistics market in India. The team has brilliant operational insights developed from grass-root level knowledge, which has enabled them to conceptualise a relevant global product having the ability to disrupt the logistics space.”
Amit, ITC said, “Services of LT not only benefit us monetarily but also enable us to focus on our core operations and relieve us of extraneous uncertainty. Sophisticated practices such as Just-in-Time now becoming common across industries, there is a dire need of a logistics partner to match such requirements and LT with its impressive team does exactly that.”
If organised, the logistics space has tremendous latent potential. It forms the key component of any supply chain. The businesses need practical and operational solutions that are more than just the run of the mill transportation of goods. Consumers need logistics services ranging from transporting goods to moving houses. On the other hand there is an inefficiency in the supply side due to idle capacity.