India-based e-commerce logistics provider Delhivery has begun talks with SoftBank Vision Fund, the near $100bn vehicle managed by telecommunications conglomerate SoftBank, for $200m to $250m in investment, the Economic Times reported today.
SoftBank is said to be considering a valuation of $1.2bn for Delhivery, up from the $800m valuation at which it last raised money, though the terms of the deal have not been finalised.
The company was reported in June this year to have appointed underwriters for an initial public offering that was expected to be sized at $350m.
Founded in 2011, Delhivery operates an end-to-end logistics service for e-commerce businesses that spans more than 1,200 cities in India, shipping some 350,000 products each day.
The company currently operates 24 fulfilment centres across the country and its offering includes a wide range of services from same-day delivery to the shipping of heavy or dangerous goods.
Delhivery has raised more than $255m in funding to date, most recently closing a $130m round in May 2017 with a $30m extension supplied by diversified conglomerate Fosun International.
The round’s $100m initial close was achieved two months earlier and was led by Carlyle Group, with participation from Tiger Global Management.
Tiger Global also led an $85m funding round for Delhivery in 2015 that included Times Internet, the digital publishing subsidiary of media company Bennett Coleman & Co, Multiple Alternate Asset Management and Nexus Venture Partners.
Times Internet had already backed a series A round of undisclosed size for Delhivery in 2012 and a $5m series B the following year. It returned again in 2014 for a $35m series C that also featured Multiple Alternate Asset Management and Nexus.
