Delhivery, an India-based shipping and logistics service provider backed by corporates FedEx and SoftBank, has received a $125m from investment firm Addition, The Economic Times has reported.
Addition founder Lee Fixel, a former partner at hedge fund manager Tiger Global Management, has been an investor in the company since 2015. It is planning to file for a local initial public offering that could raise about $1bn, people with knowledge of the matter told The Economic Times.
Founded in 2011, Delhivery provides a range of logistics services including parcel delivery, shipping, warehousing and digital services. It claims to have completed in excess of 1 billion orders to more than 525 million households in India to date.
The company had previously raised about $1.4bn of overall funding, including $76.4m in series I funding from Addition earlier this month according to a regulatory filing.
Delhivery collected $100m from logistics services provider FedEx’s Express division in July this year. Financial services and investment group Fidelity led its $277m series H round, which included Gamnat, Chimera Investments and Pacific Horizon Trust, two months earlier.
Internet and telecommunications group SoftBank’s Vision Fund and asset management firm Steadview acquired Delhivery stakes worth about $50m and $25m in October 2019 and December 2020 respectively.
Fundamental Equities Asia, an investment fund run by pension fund manager Canadian Pension Plan Investment Board, supplied $115m for the company in September 2019.
SoftBank Vision Fund pitched in $350m to lead a $413m series F round closed in March 2019, joining diversified conglomerate Fosun and Carlyle Group’s CA Swift Investments unit. Delhivery had previously raised $85m in a 2015 series D round led by Tiger Global and backed by Times Internet, a subsidiary of media group Bennet, Coleman & Co.