Truck hiring startup LetsTransport acquires Shifter

Company also looking to raise funds in pre-Series A round

Bengaluru-based truck hiring startup, LetsTransport.in has acquired Shifter in an all-cash deal and for an undisclosed sum.

"The buyout has been funded through the money raised from the founding team and their associates," Pushkar Singh, co-founder and chief executive officer of LetsTransport, told Business Standard.

Floated in early 2015, LetsTransport is the brain child of Pushkar Singh, a former employee of ITC, Sudarshan Ravi, ex-JP Morgan official, and Ankit Parasher, former associate of CA Technologies. All the founding members are alumni of IIT-Kharagpur.

Singh said LetsTransport was looking at clocking 2,000 trips this month and will leverage Shifter's network. LetsTransport had executed 1,200 truck trips in May.
Shifter is a mini-truck procurement service available online or on call.

"This acquisition will play a key role in augmenting our operations from both a customer as well as a supporting fleet perspective. This will also increase our presence in both business and consumer space," Singh said.

LetsTransport is currently in talks with some investors to raise funds in a pre-Series-A round, Singh said without specifying the timeframe or amount.