Delhivery, the India-based logistics company backed by media firm Times Group, has raised $100m in a round led by private equity firm Carlyle Group, the Economic Times has reported.
Carlyle, which invested the money through its Carlyle Asia Partners IV fund, was joined by hedge fund manager Tiger Global Management. The round valued Delhivery at more than $600m.
Fosun, the China-headquartered conglomerate that had entered talks to invest in the round last month, could add a further $30m as Delhivery is in talks with prospective investors to extend it to as much as $150m, undisclosed sources told Times of India.
Founded in 2011, Delhivery offers an end-to-end logistics service to e-commerce operators that includes inventory and fulfilment management tools and flexible delivery options that span roughly 600 cities.
The company had previously raised more than $125m, including $85m in a mid-2015 round led by Tiger Global and backed by Times Group’s Times Internet subsidiary as well as Multiple Alternate Asset Management and Nexus Venture Partners.
Times Internet had initially participated in a 2012 series A round of undisclosed size before contributing to a $5m series B round in 2013 and a $35m series C round the following year, investing in the latter with Multiple Alternate Asset Management and Nexus Venture Partners.