LetsTransport revenue doubled to 178 cr in FY20; losses stand at 35 cr

December 8, 2020: The Indian logistics aggregation company LetsTransport filed its annual report for FY20 with 100 percent revenue growth to ₹178 crore while the losses stood at ₹35 crore which increased by 50 percent as compared to FY19.

Total expenses of the company were ₹213 crore up from ₹109 crore in FY19. The company spent on employee benefits increased by 150 percent to ₹29.3 crore during FY20 from ₹12.3 crore in FY19.

The report states, LetsTransport is expecting 35-40 percent growth in FY21 despite Covid-19 affecting the business. The company onboarded more than 35,000 truckers in FY20 as compared to 15,000 in FY19. They further plan to onboard more truckers in the next few months to reach the fleet size of 1,00,000 by end of FY21. LetsTransport completed around 1 million bookings in FY20 for various customers in the B2B domain.

LetsTransport raised ₹33 crore in debt funding from various investors including Innoven Capital, Stride Ventures and Blacksoil which helped the company's immediate fund requirement to cope up with the ongoing pandemic. The last few months have resulted in an exceptional growth for LetsTransport with festive season sales gaining momentum and reaching pre-covid levels much before anticipation.

LetsTransport
LetsTransport, the Bengaluru based firm is a last-mile tech-logistics solution provider for intrastate freight deliveries. Founded in 2015, the firm is now catering to urban logistics operations of 17 cities in India by working across industry sectors such as organized retail, FMCG, e-commerce, distribution and 3PL companies. Some of its clients include Amazon, Bisleri, JioMart, JSW Cements, Pidilite, Britannia, Coca-Cola, Delhivery, and Udaan.

The company is also focusing on the technology side of the logistics business and has created a world-class platform for truckers for smooth paperless onboarding and new freight operations. The company is continuously spending on new technology and is expected to launch an EV fleet by the mid of next year. The company has been working heavily on reducing carbon emissions and moving to a newer process of logistics.

Pushkar Singh, CEO and co-founder at LetsTransport, said, “It gives us immense pleasure to tell the world about the outcome of what we do at LetsTransport. Transparency has always been a core value for us here at LetsTransport and I cannot be more proud of being among the few startups in the country to share our annual filings and let the world know about what we are doing at LetsTransport. We registered exceptional revenue growth in FY20 and we are expecting the same in FY21 despite COVID affecting the business.”

“The pandemic had slowed down the country for a bit, but I think that it will work as a catalyst for almost every industry which was delaying digitization of its operations. The same is expected with the logistics industry as well. It has forced logistics companies in India to drive towards digitization and opting for paperless modules in no time. The growth was a little slow in the last quarter, but things have now started taking some speed”