LetzRyd has raised $4 Mn (about ₹38 Cr) in a fresh funding round led by JIF Capital Ltd, with participation from 15th Rock and existing investor UNLEASH Capital Partners
The startup intends to utilise the fresh capital to accelerate expansion, enter new markets and scale its vehicle base
LetzRyd competes with the likes of Everest Fleet, WTi Cabs, Carrum, Zenplus Fleet among others, in the B2B fleet operating and leasing segment
Fleet management startup LetzRyd has raised $4 Mn (about ₹38 Cr) in a fresh funding round led by JIF Capital Ltd, with participation from 15th Rock and existing investor UNLEASH Capital Partners.
The startup intends to utilise the fresh capital to accelerate expansion, enter new markets and scale its vehicle base. Besides, it also intends to deepen its investments in technology and operational infrastructure.
Founded in 2023 by Tarun Jain, Kushagra Dokania, and Sarvagna G, LetzRyd operates a fleet of over 1,000 cars and drivers which it leases to taxi-hailing service companies. Currently operational in Hyderabad, Bengaluru and Mumbai, it plans to expand its operations to markets like Delhi and Chennai soon.
In its first year of operations, LetzRyd claims that it increased driver earnings by 20% to 22% while significantly reducing attrition compared to industry benchmarks. With a 54-member team, the startup is currently focused on scaling its model across urban markets, with an emphasis on efficiency, driver stability and sustainable growth.
LetzRyd competes with the likes of Everest Fleet, WTi Cabs, Carrum, Zenplus Fleet among others, in the B2B fleet operating and leasing segment.
The funding comes at a time when the Indian ride-hailing and fleet segment is undergoing a structural shift, moving from premium services toward utility-focused mobility, with a strong emphasis on two-wheelers and autos in non-metro regions.
The market has evolved from a duopoly into a highly competitive multi-player landscape, with Rapido emerging as the leader in total ride volume.
Competition intensified further earlier this year with the launch of central government backed Bharat Taxi. As per government data, the cab aggregator is seeing a strong early adoption, with total downloads crossing 2.73 Mn within weeks of launch.
Amid this increasing competition, ride-hailing major Uber also invested nearly ₹3,000 Cr into its Indian unit last month.
Overall, India’s ride-hailing and fleet market is projected to grow from $6.42 Bn in 2023 to approximately $7.6 Bn by 2028, and could reach $11.64 Bn by 2029, according to Statista Market Forecast data.
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