Logistics Startup Delhivery Secures $30 Mn From Fosun International

Gurugram-based ecommerce logistics firm, Delhivery, has secured $30 Mn (INR 194 Cr) in funding from Chinese international conglomerate Fosun International.

This additional investment is a part of the bigger equity financing round that saw a $100 Mn funding from The Carlyle Group, earlier in March, this year.

With this financing round, the company is currently valued at $650 Mn, as per an ET report.

Launched in 2011 by Sahil Barua, Mohit Tandon, and Suraj Saharan with an aim to disrupt the logistics supply chain market in India. Later, the trio was joined by Bhavesh Manglani, and Kapil Bharati. Based out of Gurugram, the startup currently claims to service about 600 cities and 8,500 PIN codes. It has about 12 fulfilment centres for B2C and B2B fulfillment services and works with companies like Flipkart and Paytm.

Commenting on the development, Sahil Barua, co-founder, Delhivery told ET, “A dominant part of our business continues to come from ecommerce and we have grown our non-ecommerce shipments from zero to double-digit percentage in the past year-anda-half. Last year, set us back due to demonetisation but our target for profitability remains the same. We would still like to go public though we are awaiting more clarity on government regulations.”

In March 2015, the startup raised $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. Prior to that, in September 2014, it had raised its Series C round, led by Multiples Alternate Asset Management.

An email sent to Delhivery awaited response at the time of publication.

According to a report by IBEF, the national logistic industry has grown at a CAGR of over 16% over the last five years. In March 2017, Gurugram-based logistics platform, Rivigo raised about $15 Mn (INR 100 Cr) debt finance from undisclosed lending private sector banks. In November 2016, Rivigo had 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.