India-based last-mile delivery service LetsTransport has received $12m in a round featuring Fosun RZ Capital, an investment subsidiary of diversified conglomerate Fosun International, Inc42 has reported.
Fosun RZ invested in $5m the round, which also featured two undisclosed Japan-based backers.
Founded in 2015, LetsTransport runs an online platform that enables users to book space in delivery trucks, guaranteeing capacity at any time. The platform has a transparent billing system and offers GPS tracking of any goods that are picked up.
Deliveries are charged at a base fare for the first three-to-five kilometres covered, with a charge for each additional kilometre. The company currently operates in the Indian cities of Bengaluru, Chennai and Tiruchirappalli.
LetsTransport had secured $2m in funding from manufacturing conglomerate CBC Group, manufacturer services provider Flex and Mitsui Sumitomo Insurance Capital, a subsidiary of insurance firm Mitsui Sumitomo, a source told VCCircle in February this year.
The company had previously received $4m in a January 2017 series A round co-led by internet group GMO’s Payment Gateway subsidiary and angel investor Neelesh Bhatnagar, after raising $1.2m in a 2015 seed round featuring Rebright Partners and undisclosed additional investors.