Delhivery joins the unicorn club with Softbank-led $413 million funding
BusinessToday.In March 25, 2019
Logistics startup Delhivery Pvt. Ltd has entered the coveted unicorn club Sunday as it secured the financing of $413 million (Rs 2,890 crore) in its latest funding round led by Japanese investor SoftBank Vision Fund, the company announced Sunday.
Existing investors Carlyle Group and Fosun international also participated in the latest round of equity financing at Delhivery, raising its valuation to more than $1.5 billion.
The logistics company also received a funding of $350 million from SoftBank earlier this month, as announced in its regulatory filings.
Delhivery has raised more than $400 million in its latest round of equity financing, which has been led by Japanese investor SoftBank, the Gurgaon based company announced on Sunday.
"With these funds, Delhivery plans to rapidly scale up its reach from 15,000 to 20,000 pin codes by first quarter of financial year 2019-20, aggressively grow e-commerce market share investment, and expand its end-to-end supply chain platform to enterprise customers and SMEs (small and medium enterprises)," the company said in a statement.
"We are glad to add SoftBank as a key partner, and further expand our partnership with Carlyle and Fosun as we build out our vision of creating the operating system for commerce in India." the communication added.
Delhivery has plans to use the fresh capital raised to expand its presence to around 20,000 from 15,000 pincodes by the first quarter of FY20, grow its e-commerce market share investment aggressively and expand its end-to-end supply chain platform to enterprise customers and SMEs, it further propounded.
"We will be scaling up our newer warehousing and freight services through large investments in infrastructure and technology and global partnerships in addition to improving the reach, reliability and efficiency of our transportation operations and sharing these benefits with our customers and partners," Delhivery Chief Executive Officer Sahil Barua said.
As per the documents filed the company, SoftBank and Carlyle Group will now hold 23.41% and 12.39% respectively in Delhivery
This deal underscores SoftBank's third big-ticket investment in India this year following its subsequent investments in Grofers and FirstCry.