LetsTransport bags Chinese funding

LetsTransport, a tech-enabled logistics marketplace for intra-city deliveries, has raised $13.5 million (Rs 100 crore) in a fresh funding round jointly led by Chinese conglomerate Fosun International and strategic investment firm Bertelsmann India Investments. Japan's Mitsui Sumitomo Insurance Venture Capital had also put in some money. The Bengaluru-based company will use the fresh capital for product development, technological expansion and scaling up operations. Pushkar Singh, CEO and Co-founder, LetsTransport, said: “We see ourselves expanding to over 20 cities by the end of the year and our new products will help us in disrupting the industry.” Operated by Diptab Ventures Pvt Ltd, LetsTransport's existing investors include Rebright Partners, NB Ventures and GMO Venture Partners. The company offers its services to both individual users (business-to-consumer) and businesses (business-to-business). It claims to have operations in seven cities - Bengaluru, Delhi, Chennai, Mumbai, Hyderabad, Vijayawada and Tiruchirapalli.