India-based e-commerce logistics provider Delhivery has collected $395m in a series F round led by SoftBank Vision Fund, the near-$100bn vehicle managed by telecommunications group SoftBank, the Economic Times reported today.
Diversified conglomerate Fosun Intenational and CA Swift Investments, a unit of private equity firm Carlyle Group, also contributed to the series F round. Vision Fund committed $350m and now owns a 23.4% stake in Delhivery, which is valued at $1.6bn.
Founded in 2011, Delhivery provides end-to-end supply chain services to the e-commerce sector, relying on a network of more than 21,000 drivers who have fulfilled more than 340 million orders to date.
The company has not revealed how it intends to use the funding. Its negotiations with SoftBank began in October 2018 and followed reports four months earlier that Delhivery had hired underwriters for a $350m initial public offering.
The company has raised more than $650m altogether. It closed a $130m round in May 2017 thanks to a $30m extension provided by Fosun. Carlyle Group had led the $100m initial tranche two months earlier, with participation from hedge fund manager Tiger Global Management.
Tiger Global led an $85m funding round in 2015 that featured Times Internet, the digital services subsidiary of media group Bennett Coleman & Co, as well as Multiple Alternate Asset Management and Nexus Venture Partners.
Delhivery had previously received an undisclosed amount of series A capital in 2012 from Times Internet, which subsequently returned for a $5m series B round in 2013 and a $35m series C in 2014 that also featured Multiple Alternate Asset Management and Nexus.
