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Addition invests $125 mn more in Delhivery

New Delhi-based Delhivery had last raised $25 million from alternative investments firm Steadview Capital in a secondary transaction in December 2020.Premium
New Delhi-based Delhivery had last raised $25 million from alternative investments firm Steadview Capital in a secondary transaction in December 2020.

This follows the investment of $76.4 million made by Addition by subscribing to 146,961 compulsorily convertible preference shares of the logistics firm on 6 September. In May, Delhivery secured nearly $277 million from investors led by US investment firm Fidelity.

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Delhivery, which is aiming for an initial public offering (IPO), has raised an additional $125 million in funding from Addition, a fund floated by former Tiger Global executive Lee Fixel.

This follows the investment of $76.4 million made by Addition by subscribing to 146,961 compulsorily convertible preference shares of the logistics firm on 6 September. In May, Delhivery secured nearly $277 million from investors led by US investment firm Fidelity.

Singapore sovereign wealth fund GIC, which invested through its unit Gamnat Pte; Abu Dhabi-based private investment firm Chimera Investment LLC; and UK’s Baillie Gifford, which invested through Pacific Horizon Investment Trust, had also participated in the funding round.

“Delhivery has established a market-leading position by innovating across the logistics space and has attracted several marquee investors" Fixel said on Friday. It is well-positioned to transform the global supply chain and logistics markets, he added.

New Delhi-based Delhivery had last raised $25 million from alternative investments firm Steadview Capital in a secondary transaction in December 2020. At that time, Delhivery CEO Sahil Barua had said the company aims to go public in 12-15 months.

In July, FedEx Express, a subsidiary of US-based logistics major FedEx Corp, invested $100 million in Delhivery. As part of the agreement, FedEx Express will focus on international export and import services to and from India, while Delhivery will sell FedEx Express’ international products and services in the Indian market and provide pick-up and delivery services across the country.

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