Delhivery, India’s largest independent logistics start-up catering to e-commerce platforms, has secured $277 million in what is reported to be a final round of funding before the company goes public. The Initial Public Offering of the 10-year-old start-up valued at $3 Billion is expected later this year.
The information of the latest round of funding was made public by a regulatory filing done by Delhivery. The latest round of funding included investment by Singapore’s sovereign wealth fund GIC, Abu Dhabi’s Chimera and UK’s Baillie Gifford.
The company has raised $1.2 Billion in investments in total and has had investments by SoftBank Vision Fund, Tiger Global Management, Times internet, the Carlyle Group and Steadview Capital.
The latest round of investment was led by Boston based investment firm fidelity.
From humble beginnings back in 2011, Delhivery has emerged as India’s leading supply chain service company. The start-up is reported to have delivered 1billion orders catering to 300 million households across the country.
The start-up played a crucial role in bringing digitisation to the Indian logistics sector.
Today the company has 12 million sq ft of established infrastructure across more than 17500 Pin codes and more than 2300 cities.
The company provides end-to-end logistic services, including express parcel transportation, reverse logistics, cross-border business-to-business and business-to-consumer logistics.
Sahil Barua, Delhivery’s co-founder and chief executive officer, commented on the investment round as:
“We are delighted to welcome Fidelity and our other new investors to our cap-table. This round of financing significantly strengthens our balance sheet and is a statement of confidence as we plan to go public.”
Citi was the sole financial advisor for Delhivery in the latest round of investment.
Earlier in March 2021, two of the company's co-founders, Bhavesh Manglani and Mohit Tandon, had stepped down from their responsibilities.