Logistic startup LetsTransport has raised $12 Mn from Chinese investment firm Fosun International and other investors. Tej Kapoor, Managing Director of Fosun RZ capital (Fosun’s investment arm) has confirmed to Economic Times about the investment. However, Mr. Kapoor has declined to reveal the identity of other investors.
According to reports, Fosun’s total contribution in the funding is $5 Mn while rest of the contribution has been made by other investors.
Separately, Fosun has also reportedly closed three seed funding transactions of nearly 1$ Mn. However, at the time of filing this story the name of these three startups remain undisclosed. Techpluto had reported earlier this year about Fosun’s plan to shift from mid-to-late stage investment to seed & angel investment. The array of latest investments done by Fosun clearly seems to be part of the strategy adopted earlier this year.
Fosun, which is owned by famous Chinese businessman Guo Guangchang, owns stake in high profile Indian startups like Delhivery, Ixigo, Kissht and MakeMyTrip.
LetsTransport – a last mile logistic provider
Founded in 2015, LetsTransport supports inter-city logistics with its online marketplace for booking trucks, mini-trucks and several other large vehicles. By operating B2B and B2c model, the startup aims to cover wide range of logistic services and needs – from basic logistic services like shifting homes to helping big companies in transporting their goods & services.
The company has so far raised $6.6 Mn through multiple rounds. Last year, Japanese payment gateway firm GMO and Neeleash Bhatnagar had pumped Rs 27 core in the company.
LetsTransport competes with startups like TheKarrier, Blowhorn, Shippr, and Pickingo. The logistic industry has been viewed quite favorably by the investment community. Several logistic companies, B2B as well as B2C companies, have managed to raise multiple round of funding from investors.