SoftBank-backed startup, Delhivery has secured $25 million from Steadview Capital, ahead of planned IPO. The investment firm has purchased secondary shares from an early investor of the logistics firm.
Founder and CEO of Delhivery – Sahil Barua believes that the funds raised from Steadview will help the company to go public in the coming twelve to fifteen months.
The startup claims to fulfill over 800 million orders to more than 250 million households across India. With 24 automated sort centers, 85 plus fulfillment centers, 70 hubs, over 3000 direct delivery centers, and more than 40000 team members, it also claims to deliver products and services to over 10000 customers.
Founded in 2011, It entered the unicorn club in 2019 with a funding of $400 million from SoftBank.
Ravi Mehta, founder and chief investment officer of Steadview Capital, said – “We are excited to partner with the excellent management team of Delhivery, which is transforming the logistics industry in India across e-commerce and traditional industry verticals. 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.”
Steadview is an alternative asset manager. The firm makes concentrated long-term investments across multiple industries. The firm has a group of institutional investors including family offices, endowments, foundations, sovereign wealth funds, and pension funds, who seek to capture long-term returns over managing short-term volatility.
-AK
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.