LetzRyd Raises $4M to Grow India Fleet Network

Bangalore-based fleet management startup LetzRyd has raised $4 million in a funding round led by JIF Capital Ltd, with participation from 15th Rock and existing investor UNLEASH Capital Partners. The funding, announced recently, will be used to accelerate expansion, enter new markets, and scale its vehicle base, according to the company.

Founded in 2023 by Tarun Jain, Kushagra Dokania, and Sarvagna G, LetzRyd operates a fleet of over 1,000 cars and drivers, leasing them to taxi-hailing service companies. Currently operational in Hyderabad, Bengaluru, and Mumbai, the company plans to expand its operations to Delhi and Chennai. LetzRyd claims that it increased driver earnings by 20% to 22% while reducing attrition compared to industry benchmarks.

The B2B fleet operating and leasing segment is competitive, with LetzRyd competing against Everest Fleet, WTi Cabs, Carrum, and Zenplus Fleet. The funding comes as India’s ride-hailing and fleet segment experiences a structural shift towards utility-focused mobility, especially in non-metro regions.

The market, once a duopoly, is now a multi-player landscape, with Rapido emerging as a leader in total ride volume. Competition intensified with the launch of the central government-backed Bharat Taxi. Ride-hailing major Uber also invested nearly ₹3,000 Cr into its Indian unit last month.

According to Statista Market Forecast data, India’s ride-hailing and fleet market is projected to grow from $6.42 billion in 2023 to approximately $7.6 billion by 2028, potentially reaching $11.64 billion by 2029.