Diversified conglomerate Fosun and Bertelsmann India Investments, a subsidiary of media group Bertelsmann, have co-led a Rs 1bn ($14.3m) funding round for India-based last-mile delivery service LetsTransport, TechCircle has reported.
The round, which has closed, included a third corporate, insurance firm Mitsui Sumitomo Insurance, which participated through strategic investment vehicle Mitsui Sumitomo Insurance Venture Capital, according to a person familiar with the development.
LetsTransport offers delivery services through a network of trucking partners, allowing customers to book vehicles regularly each day, week or month. It will put the cash toward product and technology development in addition to growing its business.
News of the round’s completion follows reports in October this year that LetsTransport had raised $12m in a round that included a $5m investment by Fosun subsidiary Fosun RZ as well as participation from two Japan-based corporates, one of which was likely Mitsui Sumitomo.
The company received $1.2m from seed investors including Rebright Partners in 2015 before adding $4m from internet company GMO’s Payment Gateway unit and angel investor Neelesh Bhatnagar in January 2017.
Mitsui Sumitomo Insurance Capital, manufacturing services firm Flex and manufacturing group CBC subsequently invested $2m in LetsTransport in February this year.
