Delhivery kickstarts fundraising, expects to raise $150 million at $700 million valuation
Gurgaon, India | Red Newswire | Dec 22, 2015 Last Updated at 8:00 AM IST.
The E-commerce logistics firm from Gurgaon, Delhivery has started its fundraising process. The firm expects to raised $150 million i.e., Rs. 1000 crore at $700 million (Rs. 4500 crore) valuation. This is twice its previous valuation.
Delhivery is backed by Tiger Global and is now in talks with the Russian billionaire Yuri Milner’s DST Global, Hillhouse Capital of China and GIC of Singapore. DST Global also backs Ola and Flipkart. Apart from these heavy investors, the company is also in talks with other funds, one of which is International Finance Corporation.
One of the related sources said, “"There are no termsheets (a preliminary non-binding agreement) which have come in as yet but these three funds ( DST, GIC and Hillhouse) are in an advanced stage of discussions with the company.”
Delhivery till date has raised $125 million and has been focusing on e-commerce delivery. But considering the rising rivals in the market, it is thinking of starting into hyperlocal delivery too. Recently, the firm picked stakes in Parcelled – an on-demand delivery startup, Ravi Guraraj’s Qikpod (which is yet to be launched) and Opinio.
The company was established in 2011 by Sahil Barua, Mohit Tandon, Suraj Saharan, Kapil Bharati and Bhavesh Manglani. Its existing investors Tiger Global and Nexus Venture Partners will also participate in the latest funding round.
The fresh funds will be used by the company to introduce new services and expansion.