SoftBank-backed Delhivery gets $277 mn from Fidelity, GIC, others

 SoftBank-backed Delhivery gets $277 mn from Fidelity, GIC, others

A fleet of Delhivery’s trucks. Photo credit: Delhivery/Facebook

E-commerce-focussed logistics startup Delhivery has raised Rs 2,008 crore ($277 million) in a funding round led by US-based Fidelity ahead of a planned initial public offering.

Fidelity invested $126 million, Singapore sovereign wealth fund GIC put in $75.6 million while Abu Dhabi’s Chimera Investments contributed $50 million.

The UK-based investment management firm Baillie Gifford also participated in this round, multiple media reports said, citing the Indian company’s regulatory filings.

The new round values Delhivery around $3 billion, TechCrunch reported. Delhivery was valued at a little over $2 billion after a secondary investment from Steadview Capital in December 2020.

News website Entrackr first reported the fresh fundraise.

The development comes at a time when Delhivery has been preparing to float an IPO, likely next year.

The logistics company has so far raised a total of $1.1-1.2 billion from a number of investors including Japanese tech investor SoftBank, Canada Pension Plan Investment Board, US-based Carlyle and Tiger Global, China’s Fosun International, Indian private equity firm Multiples PE and venture investor Nexus Venture Partners.

Delhivery was founded in 2011. It has more than 85 fulfilment centres, over 15,000 vehicles and 40,000 executives who deliver a million packages a day, according to its website. The company delivers to more than 17,500 postal code areas across over 2,300 cities in India.

Sumit Upadhyaya

error: Content is protected !!
The Capital Quest