Delhivery, an India-based e-commerce logistics service provider backed by media company Times Group, is set to close a $100m funding round backed by conglomerate Fosun, the Times of India reported today.
Private equity firm Carlyle Group, investment bank Goldman Sachs’s fund Investment Partners and investment firm Tiger Global are also said to be interested in committing capital. Delhivery is expected to secure a valuation of $650m post-money.
The funding has not been officially confirmed and previous rumours in late 2015 that Delhivery was raising a $150m series E round did not materialise.
Delhivery provides logistics services to e-commerce businesses, including shipments, warehousing and payment collection. Its clients include companies such as Flipkart and Amazon.
The money would go towards acquisitions in the supply chain sector, where Delhivery is hoping to inroads.
Delhivery has obtained more than $125m to date. Times Group’s internet subsidiary Times Internet has been a backer since the series A round in 2012, which closed at an undisclosed sum.
Times Internet returned for $5m series B round in 2013, before supporting a $35m series C in 2014 that also featured Nexus and Multiple Alternate Asset Management. The corporate then also contributed to a $85m round in 2015 led by Tiger Global.