24 March 2017, India:
E-commerce logistics services provider Delhivery has raised $100 million from U.S based Carlyle Asia Partners IV for a minority stake in the company. Current investors Tiger Global also participated in this round.
Post the latest funding round, Delhivery’s valuation stands close to $700 million.
This is world’s second largest PE fund Carlyle’s first big logistics bet in the e-commerce space in India. It is also among the largest PE investment in this space after Warburg Pincus agreed to invest $133 million in Ecom Express in July 2015 as per the report by ET.
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Neeraj Bharadwaj, Managing Director at Carlyle Group in India said, ““In India, 70% of the e-commerce market is mobile and electronics. If you look at markets worldwide, categories like apparel, home decor, grocery, furniture form a larger share in a mature market. We believe these categories will grow in India, accelerating the need for third party logistics players.”
“The horizontal players will continue to be the largest players while categories like grocery and furniture will see the emergence of vertical players,” he said.
Delhivery was founded in 2011 by Sahil Barua, Mohit Tandon, Suraj Saharan, Bhavesh Manglani and Kapil Bharati. It has grown from a local on-demand delivery company to a full-fledged logistics services provider.