Post Date : May 31, 2021
India’s e-commerce logistics startup, Delhivery has raised $277 million in what is expected to be the final funding round before the firm files for an IPO later this year.
Delhivery, in a regulatory filing disclosed that it had raised $277 million in a round led by Boston-headquartered investment firm Fidelity. Other investors who also participated were Singapore’s sovereign wealth fund GIC, Abu Dhabi’s Chimera, and UK’s Baillie Gifford.
The new round has valued the Gurugram based 10-year-old startup at about $3 billion. The company which also counts SoftBank Vision Fund, Tiger Global Management, Times Internet, The Carlyle Group, and Steadview Capital among its investors till date has raised about $1.23 billion.
Delhivery, which commenced its operations as a food delivery firm, has since expanded its horizons and now cater to a full suite of logistics services in over 2,300 Indian cities and more than 17,500 zip codes.
With technology at its heart, Delhivery is among a handful of startups attempting to digitize the demand and supply system of the logistics market through a freight exchange platform.
Its platform connects consigners, agents, and truckers offering road transport solutions. The startup says the platform reduces the role of brokers, makes some of its assets such as trucking — the most popular transportation mode for Delhivery — more efficient, and ensures round-the-clock operations.
The startup claims to have delivered over 1 billion orders and worked with over 10000 customers which include all of India’s largest e-commerce companies and leading enterprises.
Last year, the company announced its plans of investing over $40 million within two years to expand and increase its fleet size to meet the growing demand of orders as more people shop online amid the pandemic.