Indian e-commerce logistics firm Delhivery has reportedly secured up to $413 million in its latest funding round which was led by SoftBank, a Japanese investment firm. Reportedly, the latest funding is believed to have taken the total valuation of the Gurgaon-based firm to approximately $1.5 billion.
If sources are to be believed, the firm’s other existing investors who participated in the funding included Chinese conglomerate & investment company Fosun and private equity firm Carlyle Group. Sources added that SoftBank had been approved by the CCI (Competition Commission of India) in February to acquire about 22.44% of Delhivery’s total share capital, and the firm also received approval from CA Swift Investments for picking up preference shares in the same. SoftBank currently will hold 23.41% in Delhivery and Carlyle Group, around 12.3%.
Sahil Barua, Delhivery’s Chief Executive, was recently quoted saying that the company is looking to expand its warehousing & freight operations and invest in the development of multi-tenant fulfilment centers that are integrated with its large parcel & freight transportation networks.
According to Munish Varma, Partner at SoftBank Investment Advisors, the firm’s investment in Delhivery shows its enthusiasm to collaborate with innovative market leaders. He also commented that Delhivery has reflected industry-leading growth over the recent years and has stood tall as the one-stop e-commerce logistics solution.
As per a report by The Times Of India, Delhivery has so far raised $675 million in funds including the latest investment round, and the company will further conduct a secondary share sale in which supporters such as Multiples and Nexus Venture Partners are expected to sell some shares of around $150 million.
The company has further revealed that it will extend its reach from 15,000 to 20,000 pin codes over the upcoming 12 months, focus on new enterprise customers besides SMEs and e-commerce, and expand its e-commerce market share investment. For the record, the company delivers over 500,000 parcels each day.