German media and services conglomerate Bertelsmann has acquired a majority stake in Indian logistics technology platform Lets Transport, reinforcing its focus on India as a key growth market.
Bertelsmann Investments CEO Carsten Coesfeld confirmed the development in an interview with Reuters, stating that the group now holds 80% ownership in the Bengaluru-based company. Bertelsmann has been an investor in Lets Transport since late 2018.
Founded in 2015, Lets Transport operates a digital platform that connects truck drivers with corporate clients across India, offering technology-led solutions for intra-city and inter-city logistics. Coesfeld described the company as an “Uber for logistics.”
Highlighting the sector’s potential, Coesfeld said the addressable market for Lets Transport is estimated at $14 billion, growing at around 11% annually, with nearly 90% of the market still unorganised.
“India is highly attractive. We are convinced of its potential,” Coesfeld said, underlining Bertelsmann’s long-term commitment to the country.
While financial details were not officially disclosed, a person familiar with the matter said the investment was in the high double-digit million-dollar range, and that Lets Transport could command a three-digit million-dollar valuation in a potential sale scenario.
This marks Bertelsmann’s first strategic acquisition in India. Coesfeld also indicated that the group may explore further acquisitions across the logistics value chain, including assets such as warehousing, to strengthen Lets Transport’s ecosystem.