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Logistics startup Delhivery raises $30M from Fosun International & The Carlyle Group

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Delhivery provides logistics services for Indian e-commerce companies

Gugaon-based Logistics startup Delhivery has raised $30M in series E funding round from Chinese conglomerate Fosun International with participation from existing investor The Carlyle Group.

Fosun has evolved into a leading investment group taking roots in China with a global foothold. it had participated in online travel search engine ixigo’s US$15 million Series B funding round in march 2017.

Delhivery was founded in 2011 by  Mohit Tandon, Sahil Barua, and Suraj Saharan. Later, the trio was joined by Bhavesh Manglani and Kapil Bharti.

It provides express logistics services in over 600 cities and in more than 8,500 ZIP codes in India. It has 12 fulfilment centres for B2C and B2B fulfilment services.The company is also backed by Times Internet Ltd, which had acquired a minority stake in the firm in June 2012.

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The startup is run by SSN Logistics, it provides tech-enabled fulfilment services such as last-mile delivery, third-party and transit warehousing, reverse logistics, payment collection, vendor-to-warehouse and vendor-to-customer shipping and more. Also provides less-than-truckload shipping, full-truckload shipping, cross-border delivery and a range of supply chain technology products to enterprises and small businesses.

Sahil Barua, co-founder, Delhivery said

“A dominant part of our business continues to come from ecommerce and we have grown our non-ecommerce shipments from zero to double-digit percentage in the past year-anda-half. Last year, set us back due to demonetisation but our target for profitability remains the same. We would still like to go public though we are awaiting more clarity on government regulations.”

In April 2017, Delhivery raised $108M in series E round of funding from  The Carlyle Group & Tiger Global Management. Also in May 2015, the startup raised $85 Mn Series D round led by Tiger Global Management with participation from existing investors, Multiples Alternate Asset Management, Nexus Venture Partners, and Times Internet Limited.

Multiples Alternate Asset Management has sold its stake to Tiger Global in Oct 2015. Team size is 3500+, present in 350 cities, with 2000 clients shipping over 200,000 products daily as of June 2016.

The company was valued at about US$650M during its latest funding round in April 2017.

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