LetzRyd Raises $4M Funding Led by JIF Capital

New Delhi, Mar 23 (PTI) Start-up mobility fleet platform LetzRyd on Monday said it has raised USD 4 million (over Rs 35 crore) in a new funding round led by JIF Capital Ltd.

The round also saw participation from Japan-based venture capital firm 15th Rock, and existing investor UNLEASH Capital Partners, Inc, LetzRyd said in a statement.

The fresh capital will be used to strengthen LetzRyd's fleet network, scale its operating platform, and improve technology-led fleet and driver lifecycle management, it added.


Besides, the fund will also be used to strengthen systems that enhance vehicle utilisation and service efficiency, and deepen driver-focused initiatives that expand access to financial stability and ownership-linked opportunities, the company said.

LetzRyd provides vehicles and drivers to taxi-hailing service companies, while also creating pathways for vehicle ownership for drivers, including leasing, for drivers and their management companies.

"This funding round marks an important milestone for LetzRyd as we continue building a technology-enabled fleet platform that supports the evolving mobility ecosystem," LetzRyd Founder & CEO Tarun Jain said.