Logistics Unicorn Delhivery raises $125 Mn from Lee Fixel’s Addition.
2 years ago Rituka MLogistics unicorn Delhivery raises $125 Mn from Lee Fixel’s Addition on September 24th. This round comes right after the $100 Mn from FedEx Express, and $275 Mn from Fidelity Management. This round concludes as the final one before filing a DRHP with the market regulator.
Background
What began in 2011 as an end-to-end logistics & supply company has transformed the logistics space in India. Founded by Mohit Tandon, Sahil Barua, Bhavesh Manglani, Kapil Bharati, and Suraj Saharan, this logistics unicorn is aiming for an IPO. Delhivery provides a full suite of logistics services such as express parcel transportation, LTL and FTL freight, reverse logistics. Including, cross-border, B2B & B2C warehousing, end-to-end supply chain services, and technology services.
It covers over 19,400 pin codes and has successfully fulfilled over 1 billion shipments since its inception in 2011. The company works with 17,000 direct customers including SMEs and enterprises. This logistics unicorn Delhivery has also expanded into Customer-to-Customer Express parcel shipping this year.
Recent Investments & The Road To IPO
On September 24, 2021, the logistics unicorn Delhivery raised $125 Mn from Lee Fixel’s Addition. This is Fixel’s second investment this year in an Indian startup from its $1.3 Bn venture capital fund. In addition to Delhivery, Addition has invested in Inshorts. The Gurugram-based company boasts marquee investors like Tiger Global, SoftBank Vision Fund, Carlyle Group, Fidelity Management, and Fosun International.
On the investment, Sahil Barua, CEO & Co-founder, “With a long-standing relationship with Lee. we are delighted to welcome him to our cap table again. This investment reinforces the trust that institutional investors have placed in Delhivery and is a validation of the strength of our business.”
Additionally, Fixel said that Delhivery has established a market-leading position by innovating the logistics space. “We will continue to support Delhivery and its new logistics SaaS. They hold a great position to transform the global supply chain and logistics markets.”
Previously, in its Series H round, this logistics unicorn raised $100 Mn from global logistics giant FedEx Express. As a result, FedEx Express will enter into a long-term commercial contract with Delhivery. With FedEx focusing on the international segment, Delhivery will focus on pick-up & delivery across the country.
Meanwhile, intending to go public, this round shall be the last before filing the Draft Red Herring Prospectus (DRHP) with SEBI. With this round, the logistics unicorn has allotted 146,961 Series I Compulsory Convertible Preference Shares (CCPS) to Addition LLC at a price of INR 37,900 per share.
