Delhivery, an India-based logistics service provider backed by media firm Times Group, is looking to raise $150m in series E funding, the Times of India (TOI) reported on Friday.
Delhivery provides a range of logistics and related services for e-commerce companies, including delivery, warehousing and payment collection.
Sources told TOI the company is seeking to raise the cash at a $700m pre-money valuation, and has been in talks with investment firms DST Global and the Singaporean state-owned GIC, as well as hedge fund Hillhouse Capital and multilateral organisation International Finance Corporation.
Venture capital firm Nexus Venture Partners, which is Delhivery’s largest shareholder, owning a 25% stake, and investment firm Tiger Global Management, which holds 20%, are also expected to participate.
Delhivery has so far raised more than $125m altogether, with Times Group’s internet subsidiary Times Internet a backer since its series A round.
Times Internet invested as part of a $5m series B round in 2013, returning for a $35m series C round in September 2014 that also featured Nexus and Multiple Alternate Asset Management, as well as an $85m round in May this year led by Tiger Global.