Bertelsmann bets on India's logistics with $10 million+ investment in Lets
German giant Bertelsmann just picked up 80% of Lets Transport, an Indian startup that links truck drivers with businesses—which Bertelsmann Investments CEO Carsten Coesfeld called "a kind of Uber for logistics."
The move is part of Bertelsmann's push to get a bigger slice of India's booming market, where the market for Lets Transport is worth $14 billion and about 90% of it is unorganized.
Coesfeld says India is highly attractive market
The market for Lets Transport is growing fast—about 11% each year—and global players are taking notice.
Carsten Coesfeld, CEO at Bertelsmann Investments, said, "It is highly attractive. We are convinced of its potential."
While the exact price tag wasn't shared, reports say it's a hefty double-digit million-dollar deal.
This is Bertelsmann's first major buy in India, and they're hinting at more investment to help Lets Transport expand its supply chain and maybe snap up new assets like warehouses down the line.