Delhivery Pvt Ltd, a logistics startup has raised $100 Million (Rs.655 Crore) from a private equity firm Carlylr Asia Partners and Tiger Group. After the funding round, Carlylr has acquired a minority stake in the Indian logistics startup.
This funding states the second largest funding round in Indian logistics e-commerce sector. The biggest funding round was raised by Ecom Express of $133 Million (Rs.850 Crore) from private equity firm Warburg Pincus in 2015.
The Gurugram-Based startup was founded in the year 2011 by engineering graduates Sahil Barua, Kapil Bharati, Bhavesh Manglani, Suraj Saharan and Mohit Tandon. Delhivery is an E-commerce logistics service company. The company is named SSN Logistics Pvt Ltd offline. They offer a full suite of services such as last-mile delivery, third-party and transit warehousing, reverse logistics, payment collection, vendor-to-warehouse and vendor-to-customer shipping and more.
Previously the startup got investment by Times Internet Group, Tiger Global, Nexus Venture Partners Multiples Alternate Asset Management. The total equity funding of Delhivery is of $222.7 Million and is now valued at $600 Million.
Apart from providing logistical services, the startup has provided Seed Funding and Series-A Funding for startups like Qikpod, Parcelled.in and Rocketbox.
Carlyle Global Partners (CGP), the firm’s first long-dated private equity fund and has risen total funding of $3.6 Billion for multiple startups. Neeraj Bharadwaj, Managing Director of the Carlyle Asia buyout team said, “Delhivery, with its industry-leading service metrics and cost efficiency, is well-positioned to benefit from these future growth opportunities. We see significant potential for technology-enabled logistics in the country with the growth of e-commerce as well as increasing customer focus on on-time delivery and service levels.”
2017 has been a good start for Indian Logistics startup. Last week, Logistics startup BlackBuck has raised $70 Million of Series-C funding from IFC and Accel Partners. Another Logistics Startup, Rivigo has raised $15 Million in Debt from a bunch of banks. In January 2017, LetsTransport has also raised $4 Million of Series A funding from Japan-based Investors.
Devangshu Dutta, Chief executive at management consulting firm Third Eyesight said, “Logistics is one area which is a long term requirement, whether it is inter or intra-city or storage and there are lots of gaps that needs to be filled. It is not possible for individual companies to have the best infrastructure, service and visibility, and that scale set and infrastructure is now being developed as a third party outsourced capability and it has happened the world over.” Read more about Indian Startup Ecosystem.