India-based e-commerce logistics company Delhivery has secured approximately $85m in a series D round led by investment firm Tiger Global Management that also included internet service provider Times Internet, LiveMint reported earlier today.
Private equity firm Multiple Alternate Asset Management and venture capital firm Nexus Venture Partners also participated in the round.
Delhivery CEO Sahil Barua revealed in November 2014 the company was looking to raise a total of $150m. It has not revealed a valuation for the funding but a report in the Economic Times in February this year stated that Delhivery was set to raise its next round at a valuation of Rs 18bn ($283m).
Founded in 2011, Delhivery’s services target online traders and include delivery, warehousing and payment collection.
The company will use the funding to expand these services, increasing its footprint in India from a current 255 cities to 500 by the end of this year, and to increase shipping capabilities to South Asia, West Asia and Africa.
Delhivery is also considering acquisitions across the e-commerce value chain and is in advanced talks with a range of companies. It has hinted it could potentially make four to five acquisitions in 2015.
The round follows a $35m series C round in September 2014 backed by Times Internet, Multiple Alternate Asset Management and Nexus Venture Partners. Times Internet also participated in a $5m series B round in 2013 and a 2012 series A round that raised an undisclosed amount.