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BENGALURU: Investment firm Steadview Capital has bought shares worth $25 million from an early investor in logistics startup Delhivery through secondary transaction. The seller’s details were not disclosed.

Steadview Capital’s funding comes at a time when the SoftBank-backed logistics unicorn is readying for an initial public offering (IPO) in the next 12-18 months.

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Ravi Mehta, founder and CIO of Steadview Capital, said Delhivery’s tech-centric approach has been a key enabler in ensuring faster delivery speeds, decreasing logistics costs, and increasing e-commerce adoption in the country over the last decade.

“We believe Delhivery is well-positioned to become the largest logistics company in India and is poised for a strong growth trajectory in the years to come," Mehta added.

Sahil Barua, founder and CEO of Delhivery said, "…Steadview is a long-term investor and we see them playing a key role as Delhivery heads towards the public markets in the next 12-15 months."

Zomato, InMobi, Paytm, Ola, Grofers, PolicyBazaar, PhonePe and Lenskart are among the Indian startups currently looking to go public.

Delhivery became a unicorn in 2019 when it raised $413 million in a Series F round led by SoftBank Vision Fund, along with existing investors Carlyle Group and Fosun International. It was then valued at $1.5 billion.

SVF Doorbell (Cayman) Ltd, which was set up last year to hold Delhivery’s investments from SoftBank Vision Fund LP, now owns 25% of Delhivery’s India unit.

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