Delhivery is one of the largest leading courier and delivery services or logistics company in India. Most recently, the Gurugram-based start-up has announced to raise USD 25 million funding in Secondary Market transaction from Steadview Capital, a Hong Kong-based alternative asset management company.
According to reports, the Hong Kong-based hedge fund company has bought secondary shares worth INR 183 crore which converts to USD 25 million in Delhivery ahead of the logistics supply chain services company’s long-awaited planned Initial Public Offering (IPO) which is subsequent to happen in the next 12 to 15 months.
Founded back in 2011 by Suraj Saharan, Mohit Tandon, Bhavesh Manglani, Sahil Barua and Kapil Bharati, Delhivery serves to provide warehousing facilities, transportation, freight and other logistics-related supply chain services. It aims to improve the lives of its customers and works towards building a loyal consumer base.
The start-up hit the $1 Billion fortune mark in 2019 and entered the Unicorn Club when it raised USD 413 million in a Series F funding round led by SoftBank Imaginative and prescient Fund, along with Fosum Worldwide and U.S-based The Carlyle Group. After that financing round, the company recorded a valuation of $1.5 billion.
Commenting on the latest funding, Sahil Barua, Founder of Delhivery said that the company is delighted to have Steadview Capital on board and they have recognised Steadview and its founder, Ravi, for quite some time. He mentions that it is a nice addition in the business for this subsequent part of Delhivery’s journey. He further adds that he envisions Steadview enjoying a key role as the logistics company move towards the general public markets within the next 12-15 months.
To paraphrase what Ravi Mehta, Founder and CIO, Steadview Capital also shook his head in affirmation, saying that the company is excited to work with the superb administration team of Delhivery which is working towards remodelling the logistics business in India throughout the e-commerce business industry.
Furthermore, he mentioned that Delivery’s tech-based methods have been a key enabler in making it the best in the growing e-commerce market with its quicker supply speeds and reduced logistics prices. In the same breath, he also says that the company has positioned itself as the most important logistics company in India and is ready for a powerful upwards trajectory.
Delhivery is backed by Times Internet Ltd., Nexus Ventures, SoftBank Vision Fund, Steadview Capital, Fosum, Carlyle and Tiger Global.