LetsTransport registered a 100 per cent growth in FY20, resulting in Rs 178 crores despite the pandemic, while the company sustained a loss of Rs 35 crores which increased by 50 per cent as compared to FY19. Total expenses of the company were Rs 213 crores up from Rs 109 crores in FY19. LetsTransport spending on employee benefits increased by 150 per cent to Rs 29.3 per cent during FY20, up from Rs 12.3 crore in FY19.
Pushkar Singh, CEO and co-founder of LetsTransport, shared that transparency has always been a core value for the company. “We registered exceptional revenue growth in FY20, and we are expecting the same in FY21 despite COVID-19 affecting the business,” he said. “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.” Singh expects the same with the logistics industry. “It has forced logistics companies in India to drive towards digitization and opting for paperless modules in no time.” He observed that the growth was a little slow in the last quarter, but things have now started to gain momentum.
The company, as per an official statement, is expecting 35 per cent to 40 per cent growth in FY21, despite COVID-19 pandemic affecting its business. LetsTransport onboarded more than 35,000 truckers in FY20, compared to 15,000 in FY19. The logistics aggregation company plans to onboard more truckers in the next few months to reach the fleet size of 1,00,000 by the end of FY21. It completed around one million bookings in FY20 for various customers in the B2B domain.
Moreover, LetsTransport raised Rs 33 crores 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 the logistics aggregate company with the festive season sales gaining momentum and reaching pre-COVID levels much before anticipation.
Also focused on the technology side of the logistics business, LetsTransport has created a world-class platform for truckers. This is 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 mid-2021. LetsTransport has also been working heavily on reducing carbon emissions and moving to a newer process of logistics.