Multiples Alternate Asset Management that backs ecommerce logistics firm, Delhivery, has sold about 10% stake to Tiger Global Management.
According to Prakash Nene, Managing Director at Multiples, the company has clocked returns of six times from their entry valuation and now partially exits by selling its stake to Tiger Global, another investor in the ecommerce logistics startup Delhivery.
As per the Mint reports, Renuka Ramnath’s private equity firm Multiples Alternate Asset Management had invested about $6.8 Mn (INR 45 Cr) in the company as part of a broader funding round, in May this year.
Moreover, Delhivery had grabbed a total of $85 Mn in its Series D round of investment led by Tiger Global Management, in participation from Multiples, Nexus Venture Partners and Times Internet Ltd.
Delhivery has been raising funds to expand its network to the West Asian, African and South Asian markets. The company is also expanding into ecommerce-enabling services such as cataloguing and warehouse management, and is looking at acquisitions across the ecommerce value chain to complete its suite of services.
Whereas, Multiples has been looking for exits from some of its investments to return capital to its limited partners (LPs). Last year, it partially exited from Cinema Exhibition Company PVR Ltd and South Indian Bank Ltd.