Delhi-based ecommerce logistics firm, Delhivery, has raised $100 Mn in funding from US-based investment fund Carlyle Asia Partners, with participation from existing investor Tiger Global. With this move, Carlyle Asia Partners IV has picked up a minority stake in the startup.
Neeraj Bharadwaj, Managing Director at Carlyle Group in India said, “We have been very impressed with Delhivery’s management team and the company’s strong execution capabilities, leveraging its extensive network and proprietary technology platform. We are delighted to partner with the management and expect to leverage our global experience in the logistics sector to assist the company with operational improvements and business expansion.”
As per a company statement, the Carlyle Group is a global alternative asset manager with $158 Bn of assets under management across 281 investment vehicles as of December 31, 2016.
With an aim to disrupt the supply chain industry using technology, three friends – Sahil Barua, Mohit Tandon, and Suraj Saharan came together to start Delhivery. Later, the trio was joined by Bhavesh Manglani, and Kapil Bharati.
The Gurugram-based startup currently claims to service about 600 cities and 8,500 PIN codes. They have about 12 fulfilment centres for B2C and B2B fulfillment services and works with companies like Flipkart and Paytm.
Sahil Barua, CEO & co-founder of Delhivery said, “We are excited to partner with Carlyle as we continue to grow our business to meet the surging demand from our ecommerce clients, small businesses and enterprises who are rapidly digitizing their supply chain operations. We believe Carlyle’s global network and industry expertise will enable us to expedite our growth strategy.”
In March 2015, they had raised a massive $85 Mn Series D round led by Tiger Global Management with participation from existing investors, Multiples Alternate Asset Management, Nexus Venture Partners and Times Internet Limited.
The round came just eight months after its Series C round, led by Multiples Alternate Asset Management in September 2014.
Earlier this month, Gurugram-based logistics platform, Rivigo raised about $15 Mn (INR 100 Cr) debt finance from undisclosed lending private sector banks. In November 2016, Rivigo raised $75 Mn from an affiliate of Warburg Pincus. Other startups in this segment include Bengaluru-based Locus, Ahmedabad-based logistic IoT startup Locanix; Bengaluru-based B2B logistics startup BlackBuck, etc.