Delhivery receives $30 million funding from Fosun International
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Mumbai: Logistics company Delhivery has received $30 million (about Rs200 crore) funding from Chinese conglomerate Fosun International.
This additional investment is a part of the bigger equity financing round where The Carlyle Group pumped in $100 million to pick up a minority stake in the firm, according to a statement. The investment in Delhivery is reported to be among the largest in the tech-focused logistics space. It is a pointer to a likely boom in the logistics sector as the government moves ahead with the introduction of GST from 1 July and on the back of robust online retail sales.
The Gurugram-based company was launched in 2011 by Sahil Barua, Mohit Tandon, and Suraj Saharan with an aim to disrupt the logistics supply chain market. Later, they were joined by Bhavesh Manglani and Kapil Bharati. In March 2015, the startup raised $85 million in a series D round led by Tiger Global Management with participation from existing investors—Multiples Alternate Asset Management, Nexus Venture Partners, and Times Internet Limited.
Prior to that, in September 2014, it had raised its series C round led by Multiples Alternate Asset Management. The startup currently claims to service about 600 cities and 8,500 pin codes. It has about 12 fulfilment centres for B2C and B2B fulfilment services and works with companies like Flipkart and Paytm.