Indian logistics unicorn Delhivery said Friday it has raised $125 million from Addition, a venture capital firm floated by Lee Fixel, who made his name leading Tiger Global’s investments in India and some other markets.
Tiger Global was an early backer of Delhivery.
“We have a long-standing relationship with Lee and are delighted to welcome him to our cap table again,” said Sahil Barua, Delhivery’s co-founder and CEO. “This investment reinforces the trust that institutional investors have placed in Delhivery and is a validation of the strength of our business.”
Fixel said Delhivery has established a “market-leading position by innovating” across the logistics sector. “We are pleased to continue to support Delhivery and its new logistics SaaS, which is well-positioned to transform the global supply chain and logistics markets.”
The new funding comes just two months after the company raised $100 million from FedEx Express, a subsidiary of FedEx Corp, as it continues to strengthen its financial position ahead of a planned initial public offering.
Delhivery had also secured $277 million from Fidelity and other investors at a valuation of around $3 billion in May this year. Fidelity had 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 the round.
Founded in 2011, Delhivery has so far raised a total of around $1.4 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.
Last month, it acquired logistics company Spoton at an enterprise value of $200-250 million from private equity firms Samara Capital and Xponentia Capital.