Delhivery, India’s largest unbiased e-commerce logistics startup, has raised $277 million in what is predicted to be the ultimate funding spherical earlier than the agency information for an IPO later this yr.
In a regulatory submitting, the Gurgaon-headquartered startup disclosed it had raised $277 million in a spherical led by Boston-headquartered funding agency Constancy. Singapore’s sovereign wealth fund GIC, Abu Dhabi’s Chimera, and UK’s Baillie Gifford additionally participated within the new spherical, a reputation of which the startup didn’t specify.
The brand new spherical valued the 10-year-old startup at about $3 billion. Delhivery — which additionally counts SoftBank Imaginative and prescient Fund, Tiger World Administration, Instances Web, The Carlyle Group, and Steadview Capital amongst its traders — has raised about $1.23 billion thus far. The startup didn’t touch upon Sunday.
Delhivery started its life as a food delivery firm, however has since shifted to a full suite of logistics providers in over 2,300 Indian cities and greater than 17,500 zip codes.
Its platform connects consigners, brokers and truckers providing street transport options. The startup says the platform reduces the function of brokers, makes a few of its belongings reminiscent of trucking — the most well-liked transportation mode for Delhivery — extra environment friendly, and ensures around the clock operations.
This digitization is essential to deal with the inefficiencies within the Indian logistics business that has long stunted the nationwide financial system. Poor planning and forecasting of demand and provide will increase the carrying prices, theft, damages, and delays, analysts at Bernstein wrote in a report final month about India’s logistics market.
Delhivery, which says it has delivered over 1 billion orders, works with “all of India’s largest e-commerce firms and main enterprises,” in response to its website, the place it additionally says the startup has labored with over 10,000 prospects. For the final leg of the supply, its couriers are assigned an space that by no means exceeds 2 sq km, permitting them to make a number of supply runs a day to save lots of time.
Indian logistics market’s TAM (whole addressable market) is over $200 billion, Bernstein analysts mentioned.
The startup mentioned late final yr that it was planning to take a position over $40 million inside two years to broaden and improve its fleet measurement to satisfy the rising demand of orders as extra individuals store on-line amid the pandemic.