Delhivery, an India-based, corporate-backed shipping service, has raised Rs 20.1bn ($277m) in a series H round led by financial services and investment group Fidelity, Entrackr reported on Sunday.
Gamnat, Chimera Investments and Pacific Horizon Trust filled out the round, and the cash was secured ahead of an initial public offering slated to take place in 2022. Two people familiar with the matter told the Times of India in March this year it is expected to value the company at $3bn.
Founded in 2011, Delhivery provides logistics and warehousing services for e-commerce transactions across some 2,500 cities in its home country. It claims it has carried out in excess of 1 billion deliveries for a total of more than 300 million households.
The round took the company’s overall funding to $1.1bn and came in the wake of a $25m secondary investment by Steadview Capital in December 2020 at a $2bn post-money valuation.
Delhivery had raised $115m from Canada Pension Plan Investment Board in September 2019, the month before telecommunications and internet group SoftBank paid approximately $50m for a 3.3% stake through a secondary transaction.
SoftBank had provided $350m to lead a $413m series F round the company closed earlier the same year, investing alongside conglomerate Fosun and Carlyle Group’s CA Swift Investments unit. Fosun had already invested $30m in the $100m first close of a $130m round in 2018 led by Carlyle that included Tiger Global Management.
Media conglomerate Bennett Coleman & Co’s Times Internet subsidiary participated in an $85m round for Delhivery in 2015 led by Tiger Global and backed by Multiple Alternate Asset Management and Nexus Venture Partners, after the three had taken part in a $35m series C round a year earlier.
Times Internet also contributed to the company’s $5m series B round in 2013, the year after it chipped into a series A round of undisclosed size.
