$413 million in funding helps Delhivery enter the coveted unicorn club

Bangalore: Logistics startup Delhivery Pvt. Ltd has raised $413 million in a funding round led by SoftBank Vision Fund, the company said on Sunday. Existing investors Carlyle Group and Fosun International also participated in the funding round, which put Delhivery in the coveted unicorn club and raised its valuation to over $1.5 billion. Earlier this month, SoftBank had injected $350 million into the company, according to its regulatory filings.

Delhivery plans to use the fresh funds to expand its network from 15,000 to 20,000 PINs by the first quarter of fiscal 2020; increase its share in the e-commerce market; and expand its end-to-end supply chain platform for enterprise and small and medium-sized business clients.

“We will continue to evolve our newer warehousing and freight forwarding services through major investments in infrastructure, technology and global partnerships, and improve the reach, reliability and efficiency of our transportation operations, sharing these benefits with our customers and partners,” said Sahil Barua, CEO, Delhivery.

The company says it has grown at a compound annual rate of 65% since fiscal 2015, and nearly one in four online shipments in India arrives through its network, representing over 500,000 shipments per day and over 450 million transactions since inception.

Delhivery was founded in 2011 by Barua, Mohit Tandon, Bhavesh Manglani, Suraj Saharan and Kapil Bharati.

The company’s investors also include Tiger Global and Nexus Ventures.

“Our investment in Delhivery reflects our focus on partnering with innovative market leaders,” said Munish Varma, partner at SoftBank Investment Advisers. “Over the years, Delhivery has demonstrated industry-leading growth and has emerged as a one-stop solution for e-commerce logistics.”

SoftBank Vision Fund recently invested in food startup Grofers, allocating $60 million earlier this month.