Delhivery, linked to its IPO, earns $ 275 million at a valuation of more than $ 3 billion
A logistics service provider, Delhivery has raised $ 275 million in primary financing, as part of its Series H led by Fidelity Management and Research Company, for a valuation of more than $ 3 billion.
The latest funding round has also seen the participation of other public market investors, as the company plans to go public in 2022.
The company was valued at $ 2 billion, earlier in December of last year, after raising $ 25 million from Steadview Capital as part of its secondary fundraiser.
“We are delighted to welcome Fidelity and our other new investors to our capping table. This round of funding significantly strengthens our balance sheet and is a statement of confidence as we plan to go public. ” Sahil Barua, co-founder and managing director of Delhivery, said in a statement.
Barua also added that the investment coincides with two other important milestones as Delhivery achieved a cumulative 1 billion shipments in April 2021 and will celebrate its tenth anniversary in June this year.
Citi acted as Delhivery’s sole financial advisor on this transaction, the company said.
Earlier in March of this year, two of the five co-founders Bhavesh Manglani and Mohit Tandon withdrew from the day-to-day operations of the company and were reclassified as retired and inactive promoters.
Currently, Delhivery has a logistics network covering 19,000 PIN codes and 2,500 cities.
The company offers a full range of logistics services such as express parcel transport, reverse logistics, cross-border, business-to-business and business-to-consumer warehousing,
With end-to-end supply chain services and technology services.
Delhivery currently works with more than 15,000 direct customers, including large and small e-commerce participants, small and medium-sized enterprises (SMEs) as well as 500 companies and brands.
The company was backed by Tiger Global, The Carlyle Group, Fosun International, Softbank, Nexus Venture Partners, among other investors.
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