Delhivery, India’s largest independent e-commerce logistics startup, has raised $ 277 million on what is expected to be a final round of funding before the company submits an IPO later this year.
In a regulatory filing, the Gurgaon-headquartered startup revealed it had raised $ 277 million in a round led by Boston-headquartered investment firm Fidelity, GIC, Singapore’s national sovereign wealth fund, Chimera. Abu Dhabi’s and Britain’s Baillie Gifford are also participating in the new round, where the name of the start was not specified.
The new round has a 10-year startup value of about $ 3 billion, Delhivery, which includes SoftBank Vision Fund, Tiger Global Management, Times Internet, The Carlyle Group and Steadview Capital.Among its investors, it raised an estimated 1.23 billion. Dollars to date The startup did not comment on Sunday.
Delhivery started life as a food delivery company but has moved to full logistics services in more than 2,300 Indian cities and has over 17,500 postal codes.
It is one of the few startups trying to digitize the logistics market’s supply and demand system through a commodity exchange platform.
Research and photo: Bernstein
This platform connects shippers, agents and freight forwarders offering road transport solutions. The startup said the platform reduces the role of brokers, making some assets – such as freight transport – the most popular mode of transport for Delhivery – more efficient and helping to ensure it works. At any time
This digitization is critical to addressing the inefficiencies in India’s logistics industry that have long disrupted the country’s economy. Poor supply and demand planning and forecasts will increase shipping costs, theft, damage and delays, analysts at Bernstein wrote in a report last month on India’s logistics market.
Delhivery, which says it has placed more than 1 billion orders, works with “India’s largest e-commerce company and all leading corporations”, according to the website, which says the startup has worked with over 10,000 customers for its final phase. Shippers are assigned an area of no more than 2 square kilometers, allowing for multiple deliveries per day to save time.
TAM of the Indian Logistics Market (All identifiable markets) are valued at more than $ 200 billion, Bernstein analysts said.
The startup said late last year it plans to invest more than $ 40 million within two years to expand and scale its fleet to meet growing demand for orders as more people shop online amidst the growing demand for purchases. Spread