Logistics Unicorn Delhivery has raised a new round of funding(Series H), which is believed to be its last round as the company eyes for an IPO later this year. Delhivery has reportedly raised $277 Mn in a round led by Fidelity, a Boston-headquartered VC firm, according to its regulatory filing, first reported by Entrackr.
The round has seen participation from the new investors — Singapore’s sovereign wealth fund GIC, Abu Dhabi’s Chimera and UK’s Baillie Gifford. While, Times Internet, Tiger Global, SoftBank Vision Fund, The Carlyle Group and Steadview Capital has reassured their trust with Delhivery.
The new round valued Delhivery at about $3 billion, providing a comfortable valuation for its IPO Plans. Delhivery has raised a total of $1.23 billion to date.
According to regulatory filings, Delhivery has passed a special resolution to allot 5,63,349 Series H preference shares at an issue price of INR 35,655 per share to raise ₹2,008.62 crores, an equivalent of $277.4 million.
Delhivery was founded in 2011 by Mohit Tandon, Sahil Barua, Bhavesh Manglani, Kapil Bharati and Suraj Saharan, to build a global logistics brand that offers a full suite of logistics services. Delivery handles services such as express parcel transportation, LTL and FTL freight, cross-border, B2B & B2C warehousing, reverse logistics, and logistics labelled technology services.
The company has successfully fulfilled over 850 Mn transactions so far and operates to serve over 10000 customers, which include businesses and D2C startups at majority. It attained the status of a Unicorn in 2019, with Softbank and others investing $413 million. Its last funding round happened in December 2020, when SteadView Capital has infused $25 Mn for secondary shares in the company.
Early this year, Delhivery had allotted partly paid shares worth $24.6 million to 17 people in its leadership team including the founders. Sahil Barua and Kapil Bharati along with Chief Business Officer Sandeep Barasia, Chief Operating Officer Ajith Pai and Chief Financial Officer Amit Agarwal were allotted shares worth $3.4 million each.
Bhavesh Manglani and Mohit Tandon, two of the five co-founders of Delhivery, who had moved on from the company have now been reclassified as retiring and non-active promoters in the IPO-bound firm.
Even though the firm is yet to disclose its earnings for the financial year 2021, they have improved their financial performance in the year 2020. The company is looking forward to its IPO since 2019 which got delayed twice to the Indian General Elections 2019 and the Covid-19 Global Pandemic.
Delhivery is among many popular Indian Startups that will go public this year from the end of Q2. Zomato, InMobi, Mobikwik, Ola, Grofers, PhonePe, Lenskart, Paytm and PolicyBazaar were among others.