Merisis advises LetsTransport on its Series B fund raise from Fosun RZ Capital, Bertelsmann and Japanese investors

20 Dec

Merisis advises LetsTransport on its Series B fund raise from Fosun RZ Capital, Bertelsmann and Japanese investors

Merisis Advisors is pleased to announce the INR 100 crores Series B fund raise of its client Diptab Ventures Pvt. Ltd, which operates LetsTransport, a logistics platform for intra-city transportation. The round was led by Chinese conglomerate Fosun RZ Capital with key participation from Bertelsmann India Investments, Blacksoil Capital and Japanese investors.

LetsTransport, which was founded in 2015 by Indian Institute of Technology, Kharagpur graduates Pushkar Singh, Sudarshan Ravi and Ankit Parasher, enables last-mile delivery through its network of mini trucks in seven cities. It provides services to industries including fast moving consumer goods, e-commerce and retail. It operates an asset-light model with a multi-modal network of trucks that helps bring operational efficiency for truck owners. It claims higher earnings for truck drivers and a 30% reduction in distribution costs for clients. It has a network of around 20,000 truckers across Bengaluru, New Delhi, Chennai, Mumbai, Hyderabad, Pune and Vijayawada. Its clientele includes companies such as Coca-Cola, Amazon, Metro Cash & Carry, and Big Bazaar. The start-up plans to utilize the fresh capital to strengthen technology, add new industry verticals, and bolster operations.“We see ourselves expanding to more than 20 cities by the end of the year and our new products will help us in disrupting the industry,” said LetsTransport founder and chief executive officer Pushkar Singh.

Appreciating the role of Merisis, Pushkar said “We were growing rapidly and were looking to raise a Series B round to fund our growth that would catapult us to the next level. That’s when we came across Merisis, and they did a commendable job in helping us find the right set of institutional investors. A Series B fund raise is always challenging for any entrepreneur and requires 24X7 support, be it at the time of pitching to Investors, termsheet negotiations, due diligence and finally closure. Hence we would like to thank the Merisis team for playing an instrumental role in the entire Series B fund raising process. Further, they also advised us on raising structured debt, thereby helping us maintain a good debt-equity mix. Really impressed with their level of commitment and perseverance and would highly recommend them to all entrepreneurs who are planning for their fund raise. Thank you and look forward to our continued association.”

About Fosun RZ Capital

Fosun RZ Capital was founded in 2013 and headquartered in Beijing. As an affiliate of Fosun Group, RZ Capital is an independent fund with strategic resources, quickly establishing global footprints. Fosun RZ Capital has over 10 billion RMB AUM. As one of the most globalized venture capital platforms in China, RZ Capital is committed to investing in high-growth, high-tech companies in major economic growth regions and has fostered innovation ecosystems around the world, with offices in China, United States, India, Indonesia, Singapore, and Nigeria. It has a wide coverage on industries, including Internet / mobile Internet, finance, education, consumer retail, cultural and entertainment, automotive, and high technologies (big data, artificial intelligence) and many other fields that are closely related to global family customers. For more information, visit http://www.frzcapital.cn/

About Bertelsmann India

Bertelsmann India Investments (BII) is the strategic investment arm of Bertelsmann SE & Co. KGaA in India. They focus on investing in pioneering companies in the digital, education, media and services sectors, which are developing new technologies, business models and visions of the future. They focus on early stage, as well as growth stage investments. For more information, visit https://www.biifund.com/

About BlackSoil Capital

BlackSoil Capital is a Mumbai based specialized debt financing NBFC, with main purpose of providing debt facility to new ventures and upcoming real estate projects in India by providing Venture Debt, Special Situation Lending and Real Estate focused funding. For more information, visit https://blacksoil.co.in/nbfc.html

About Merisis Advisors

Merisis Advisors is an investment banking advisory firm, offering independent advisory services to emerging growth and mid-market corporate clients and family offices, on mergers and acquisitions as well as fund raising activities. The firm also advises asset management companies on follow-on fund raise and exits for their portfolio companies. Merisis focuses on the technology, consumer, financial services and related sectors, having built significant domain knowledge and transaction experience. For more information, visit www.merisisadvisors.com