India-based shipping and logistics service Delhivery, whose corporate backers include FedEx, Fidelity and SoftBank, has raised $76.4m as part of a series I round, TechCrunch reported yesterday citing a regulatory filing.
Venture capital firm Addition provided the funding, which is thus far the only disclosed investment comprising the round.
Founded in 2011, Delhivery provides warehousing, logistics and shipping services as part of an end-to-end supply chain for e-commerce transactions in India, serving over 1 billion shipments to date.
It comes only two months after logistics services provider FedEx made a $100m investment into Delhivery through its FedEx Express subsidiary. Two month before that, financial services group Fidelity led a $277m series H round that featured Gamnat, Chimera Investments and Pacific Horizon Trust.
Telecommunications and internet conglomerate SoftBank’s Vision Fund and asset manager Steadview each made secondary stock purchases in October 2019 and December 2020 – worth around $50m and $25m respectively – to up their stakes.
Pension manager Canadian Pension Plan Investment Board made its own $115m injection in September 2019 from its Fundamental Equities Asia vehicle.
Before its secondary investment, SoftBank Vision Fund put up $350m to lead a $413m series F that closed in March 2019, with participation from diversified conglomerate Fosun International and CA Swift Investments, a subsidiary of private equity firm Carlyle Group.
Times Internet, the internet technology arm of media conglomerate Bennett, Coleman and Company, took part in an $85m series D round led by Tiger Global Management in 2015.
To date, Delhivery has raised approximately $1.4bn in funding. It said in June 2021 that it was planning to have a $400m to $500m IPO within the next year.
