IPO-bound Delhivery shores up $275 mn at a valuation of over $3 bn

Logistics service provider, Delhivery has raised $275 million in primary funding, as a part of its Series H round led by Fidelity Management and Research Company, at a valuation of over $3 billion.

The latest funding round also saw participation from other public market investors, as the company looks to go public in 2022.

The company was valued at $2 billion, earlier in December, last year, after it raised $25 million from Steadview Capital as a part of its secondary fundraise.

"We are delighted to welcome Fidelity and our other new investors to our cap-table. This round of financing significantly strengthens our balance sheet and is a statement of confidence as we plan to go public." Sahil Barua, Delhivery's co-founder and chief executive officer, said in a statement.

Barua also added that the investment coincides with two other significant milestones as Delhivery completed 1 billion cumulative shipments in April 2021, and will celebrate its ten-year anniversary in June, this year.

Citi acted as the sole financial advisor to Delhivery on this transaction, the company said.

Earlier in March, this year, two of the five co-founders Bhavesh Manglani and Mohit Tandon stepped aside from day-to-day operations in the company and were reclassified as retiring and non-active promoters.

Currently, Delhivery has a logistics network spanning across 19,000 pin codes and 2,500 cities.

The company provides a full suite of logistics services such as express parcel transportation, reverse logistics, cross-border, business-to-business and business-to-consumer warehousing,

Along with end-to-end supply chain services, and technology services.

Delhivery currently works with over 15,000 direct customers, including large and small e-commerce participants, small and medium enterprises (SMEs) along with 500 enterprises and brands.

The company has been backed by the likes of Tiger Global, The Carlyle Group, Fosun International, Softbank, Nexus Venture Partners amongst other investors.