Logistics firm LetsTransport expects 40 pc growth in FY21

Logistics firm LetsTransport on Tuesday said it is expecting 35-40 per cent growth in the current fiscal despite COVID-19 impacting the business. We registered exceptional revenue growth in FY20 and we are expecting the same in FY21 despite COVID affecting the business...pandemic...

Logistics firm LetsTransport on Tuesday said it is expecting 35-40 per cent growth in the current fiscal despite COVID-19 impacting the business. The company has registered 100 per cent revenue growth at Rs 178 crore in FY20, while its losses widened to Rs 35 crore, as per its latest annual report. ''LetsTransport is expecting 35 per cent-40 per cent growth in FY21 despite COVID affecting the business. The company onboarded more than 35,000 truckers in FY20 as compared to 15,000 in FY19,'' the company said in a statement.

The logistics firm said it further plans to onboard more truckers in the next few months to reach the fleet size of 1,00,000 by the end of FY21. ''LetsTransport raised Rs 33 crore in debt funding from various investors ...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 LetsTransport with festive season sales gaining momentum and reaching pre-COVID levels much before anticipation,'' it said.

The company is also focusing on the technology side of the logistics business and has created a world-class platform for truckers for smooth paperless onboarding and new freight operations. ''We registered exceptional revenue growth in FY20 and we are expecting the same in FY21 despite COVID affecting the business...pandemic... will work as a catalyst for almost every industry which was delaying digitisation of its operations,'' LetsTransport CEO and Co-Founder Pushkar Singh said.