LetsTransport, a ‘last mile’ techno-logistics solution provider has announced the acquisition of Shifter, another Startup in the same space. Bengaluru based Shifter is a mini-truck procurement service available online or on call. With this strategic acquisition, LetsTransport will look to optimise its growing customer base and its fleet of transport and delivery vehicles in organised logistics.
Pushkar Singh, CEO, LetsTransport, said, “This acquisition will play a key role to increase our presence in both business and consumer space. The promoters of Shifter who are also our industry peers will continue to provide us counsel and support in the coming months to ensure smooth transition of operations without impacting the end customer.”
LetsTransport provides both on-demand and customized attachment solutions for its clients along with value-added services. Its services include screened drivers, audited vehicles, transparent pricing and point-to-point billing.
Founded in early 2015, LetsTransport is a venture of three IIT graduates Pushkar Singh (ex ITC), Sudarshan Ravi (ex JP Morgan) and Ankit Parasher (ex CA Technologies). The company aims to cater to a wide range of transport logistics requirements in the industry, ranging from large scale commercial requirements to more routine household transport requirements. It is actively looking to raise funds in order to invest in product development and to scale in multiple cities. Also, the firm aims to clock close to 2,000 trips in this month alone.
In similar space, Delhi based logistics solutions provider, Ecom Express has raised a amount of $133 million from private equity firm Warburg Pincus, few days back. The Indian online retail market is hotting up in India and research shows that it is projected to grow from $3 billion in 2013 to $23 billion by 2018. This opens up huge demand for logistic services, offering tremendous opportunities in this space both for the existing players and the new entrants.