Delhivery, an India-based logistics service provider backed by corporates SoftBank, Bennett Coleman & Co (BCC) and Fosun, is set to gain pension fund Canada Pension Plan Investment Board (CPPIB) as a shareholder, the Economic Times reported on Thursday.
CPPIB is looking to acquire an 8% stake through a $150m secondary transaction, buying shares from private equity firm Multiples Alternate Asset Management and venture capital firm Nexus Venture Partners.
Delhivery has built an end-to-end supply chain service that was originally aimed at the domestic e-commerce sector, though it has since diversified to also offer services such as reverse logistics, business-to-business deliveries, and express parcel and freight transportation.
The company said it processes more than 500,000 parcels each day, equating to a total of approximately 450 million transactions since it was founded in 2011.
Multiples Alternate Asset Management had previously sold a 10% stake to hedge fund manager Tiger Global Management in 2015 for an unspecified sum. Its remaining stake is sized at 6.7% according to deals database Tracxn, while Nexus Venture Partners owns 14.8%.
Delhivery has secured at least $668m in equity financing to date. SoftBank Vision Fund, the $98.6bn investment vehicle managed by telecommunications conglomerate SoftBank, led a $413m series F round in March 2019 that included diversified conglomerate Fosun Intenational and CA Swift Investments, a subsidiary of private equity firm Carlyle Group.
Fosun had previously supplied a $30m extension to a round that closed at $130m in May 2017. The $100m first close had been led by Carlyle two months earlier, with participation from Tiger Global.
Times Internet, the digital services subsidiary of media group BCC, took part in an $85m funding round for Delhivery in 2015 that was led by Tiger Global and backed by Multiple Alternative Asset Management and Nexus Venture Partners.
Times Internet had already provided $5m in series B funding for the company in 2013, having previously contributed to a series A round of undisclosed size in 2012. SoftBank currently owns a 22.4% stake in Delhivery according to Tracxn, while Times Internet owns 8.9% and Fosun 4.5%.
