Logistics Unicorn Delhivery has raised $76.4 million from Lee Fixel’s venture Capital firm Addition as part of Series I round, as per the regulatory filings.
Prior to this round, the company had raised $100 million from FedEx this July. The new investment of Fixel will be a big uplift for the company as it is expected to come out with an IPO in the next two quarters.
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.
Lee Fixel, formerly of Tiger Global, is famous for his early bets into startups— Flipkart and Ola. He left Tiger Global in 2019 and started the Addition in 2020. He also supported startups such as Inshorts (a pioneer in short-form content) and neobank Jupiter.
From the last 10 years, the Gurugram-headquartered company has raised 1.3 Billion. Apart from that, in early June this year, the company raised $277 million from American investment firm Fidelity at a valuation of $3 billion.
This year, Delhivery also acquired Spoton Logistics in Bengaluru for an undisclosed price. Spoton Logistics works at a pan India level covering over 22,000 Pin codes.
As per Delivery stats, the company has fulfilled one Billion orders. It has 20 automated centres, 67+ fulfilment centres, 68 hubs, and 2,300 delivery locations delivering over 1.5 million packages a day.
According to research reports, the Indian logistics market reached an evaluated size of $215 billion in 2020, growing at a CAGR of 10.5 per cent, with only about 15 per cent representing the organised segment.
Delhivery is among many popular Indian Startups such as Paytm, Nykaa, Policybazaar, and MobiKwik, who have announced their IPOs.