SoftBank leads $413mn investment in Delhivery

Gurugram-based logistics company Delhivery Pvt. Ltd has confirmed that it raised $413 million (Rs 2,890 crore) in a funding round led by the SoftBank Vision Fund.

The company said in a statement private equity firm Carlyle and China′s Fosun International invested again in this round.

The deal marks SoftBank's third big-ticket investment in India in 2019 after online grocery start-up Grofers and baby products e-tailer FirstCry. SoftBank had sought approval from the Competition Commission of India for investing in Delhivery earlier this year and got regulatory approval last month. Delhivery′s MCA filings show SoftBank will own a stake of 23.41 per cent in the company while Carlyle will hold 12.39 per cent.

The logistics firm said also that it will use the fresh capital to expand its operations to 20,000 pin code areas from 15,000 during the April-June quarter. It will also use the funds to grow its e-commerce market share and expand its end-to-end supply chain platform to enterprise customers and small and medium enterprises.

Sahil Barua, co-founder and CEO of Delhivery, said the company will scale its newer warehousing and freight services through investments in infrastructure and technology and via global partnerships. It will also improve the reach, reliability and efficiency of its transportation operations.