India-based e-commerce logistics company Delhivery has raised $35m in a series C round backed by media company Times Internet, according to the Economic Times.
The round was led by private equity firm Multiples Alternate Asset Management and also included venture capital firm Nexus Venture Partners.
Times Internet previously invested in Delhivery’s $5m series B round in 2013, after contributing to the company’s 2012 series A, in which it raised an undisclosed amount.
Delhivery provides sourcing, delivery, warehousing, payment collection, and catalogue and inventory management services to online traders. It will use the funding to expand its network from 180 cities to more than 250 by the end of 2014.
Sahil Barua, co-founder and CEO of Delhivery, said: “This round of financing will be used to invest extensively in our growing portfolio of commerce technologies and towards expanding our logistics infrastructure, fulfilment and transportation services.”