iNDICA NEWS BUREAU-
Delhivery, India’s largest independent e-commerce logistics startup, has raised $277 million in what is expected to be the final funding round before the firm files for an IPO later this year.
The Gurgaon-based startup raised the funds in a round led by Boston-headquartered investment firm Fidelity.
The round also saw Singapore’s sovereign wealth fund GIC, Abu Dhabi’s Chimera, and UK’s Baillie Gifford participate.
According to the company’s regulatory filings, Fidelity pumped in $125 million during the round, valuing Delhivery at $3 billion.
The start-up counts SoftBank, Tiger Global, and Steadview Capital among its backers. Sources also said that Delhivery is looking to raise $600-700 million during its IPO slated for early next year.
The startup, which presently has over 350 employees, and centers in Gurgaon, Goa, and Hyderabad (in India), and Seattle in the US, earlier this year announced to expand its footprint by opening two new tech offices in Bengaluru and Ahmedabad, that will take its workforce strength to more than 500 employees in the country.
The startup also has plans to invest $40 million in two years to expand and increase its fleet size as orders grow amid the COVID-19 pandemic.
“The current expansion ensures we stay ahead of the curve with tech and data science being the core business differentiators,” said Kapil Bharati, Co-founder, and CTO, Delhivery.
Founded in 2011 by Sahil Barua, Mohit Tandon, Bhavesh Manglani, Suraj Saharan, and Kapil Bharati, Delhivery is an Indian supply chain services provider.
The company, which started from scratch with many skeptical about its future, today enjoys a customer base of 10,000 direct customers, which includes large and small e-commerce participants, SMEs, and leading enterprises and brands.
The company, which currently provides supply chain services at over 17,500 pin codes across 2,300 cities, has fulfilled over 850 million transactions since its inception.