India-based e-commerce logistics provider Delhivery closed a $413m series F round on Sunday led by Vision Fund, the $98.6bn investment vehicle managed by telecommunications conglomerate SoftBank, Reuters reported.
Diversified conglomerate Fosun Intenational and CA Swift Investments, a subsidiary of private equity firm Carlyle Group, also participated in the round. Vision Fund invested $350m and now owns a 23.4% stake in the company.
Founded in 2011, Delhivery operates an end-to-end supply chain service for India’s e-commerce sector. Its network consists of 19 automated sorted centres, 30 fulfilment facilities, more than 2,500 direct delivery centres and more than 5,000 partner centres.
The company has a roster of more than 21,000 drivers, who deliver packages 24 hours a day, and who have fulfilled more than 340 million orders to date.
Reports earlier this month suggested the round was sized at $395m. Negotiations with SoftBank date back to October 2018, beginning four months after rumours Delhivery had approached underwriters for an initial public offering potentially sized at $350m.
The funding will allow Delhivery to scale up its warehousing and freight services through investments in infrastructure, technology and international partnerships. It also hopes to further expand its reach and improve the efficiency of its transportation operations.
The company has now raised at least $668m in overall funding. Fosun provided a $30m extension to close a $130m round in May 2017. The $100m first close had been led by Carlyle two months earlier, with participation from hedge fund manager Tiger Global Management.
Times Internet, the digital services division of media group Bennett Coleman & Co, backed an $85m funding round for the company in 2015 that was led by Tiger Global and backed by Multiple Alternate Asset Management and Nexus Venture Partners.
Delhivery had already secured $5m in a series B round backed by Times Internet in 2013, after the corporate had contributed to a series A round of undisclosed size the previous year.
Munish Varma, a partner at SoftBank Investment Advisers, which manages the Vision Fund, said: “Our investment in Delhivery reflects our focus on partnering with innovative market leaders. Over the years, Delhivery has demonstrated industry leading growth and emerged as the one-stop solution for e-commerce logistics.”
