Delhivery, the India-based e-commerce logistics services provider backed by corporates SoftBank, Fosun and Bennett Coleman & Co, secured $115m on Monday from pension manager Canada Pension Plan Investment Board (CPPIB)’s Fundamental Equities Asia vehicle.
Founded in 2011, Delhivery provides India’s e-commerce sector with logistics services spanning the whole supply chain, in areas such as warehousing, freight capacity and cross-border deliveries.
The company’s network includes 22 automated sorting hubs, 32 fulfilment centres and more than 2,500 direct delivery outposts, in addition to more than 5,000 affiliated branches. The capital will support its growth plans.
CPPIB will take a seat on Delhivery’s board of directors in connection with its investment, which brought the company’s overall funding to at least $783m. It was reported in June this year that CPPIB was set to pay $150m for an 8% stake in the company through a secondary transaction.
Telecommunications and internet group SoftBank’s Vision Fund invested $350m to lead Delhivery’s $413m series F round, which closed in March 2019 with contributions from Fosun and CA Swift Investments, a subsidiary of private equity firm Carlyle Group.
Delhivery had closed a $130m round in May 2018 with a $30m investment from Fosun to complement a $100m first tranche led by Carlyle and backed by hedge fund manager Tiger Global Management.
Times Internet, the digital services subsdiary of media group Bennett Coleman & Co, contributed to an $85m round for the company in 2015 that was led by Tiger Global Management and backed by Multiple Alternate Asset Management and Nexus Venture Partners.
Delhivery had closed a $35m series C round in 2014 that was led by Multiple Alternate Asset Management and backed by Times Internet and Nexus Venture Partners, after Times Internet had taken part in a 2012 series A round of undisclosed size and a $5m series B the following year.