Telecommunications conglomerate SoftBank’s Vision Fund is looking to buy a 3.28% stake in India-based e-commerce logistics services provider Delhivery from existing backers, Times of India reported on Tuesday, citing a regulatory document.
The secondary share purchase could be priced at approximately $50m according to Paper.vc, and may involve Times Internet, the digital services subsidiary of media group Bennett Coleman & Co, and an unnamed fund managed by venture capital firm Nexus Venture Partners.
Founded in 2011, Delhivery operates a logistics network for Indian e-commerce companies, supplying services ranging from warehousing to cross-border deliveries. It has fulfilled more than 500 million orders to more than 85 million households to date.
Should SoftBank Vision Fund go ahead with its stake purchase, its shareholding in Delhivery would increase from just over 22.4% to more than 25.7%.
The company has raised at least $783m in equity financing so far. It received $115m in funding from pension manager Canada Pension Plan Investment Board (CPPIB)’s Fundamental Equities Asia vehicle last month.
SoftBank’s most recent investment in Delhivery involved a $350m lead investment in its $413m series F round, which closed in March this year with participation from conglomerate Fosun and CA Swift Investments, a subsidiary of private equity firm Carlyle Group.
Delhivery had previously closed a $130m round in May 2018 after Fosun added $30m to a $100m first tranche led by Carlyle and backed by Tiger Global Management.
Times Internet took part in an $85m round for the company in 2015 that was led by Tiger Global, and which included Multiple Alternate Asset Management and Nexus Venture Partners. The same three investors had provided $35m in series C funding the previous year.
Times Internet had also participated in Delhivery’s $5m series B round in 2013 and a series A round of unspecified size the year before.
