Logistics firm Delhivery raises $413M funding led by SoftBank Vision Fund

Logistics company Delhivery Sunday has announced that it has raised more than $400 million (Rs 2,766.82 crore) in a financing round led by SoftBank Vision Fund.

Carlyle and Fosun, both existing investors in Delhivery, have also participated in this round of financing, the company said in a statement.

Earlier this month, ET had reported that SoftBank had invested $350 million into Delhivery, in the process catapulting the company into India's growing list of startups with billion-dollar valuations.

ET was the first to report the negotiations between Delhivery, SoftBank and Carlyle Group in its editions dated October 4 and November 21. The investments have also received the necessary regulatory approvals from the Competition Commission of India (CCI) last month.

"With these funds, Delhivery plans to rapidly scale up its reach from 15,000 to 20,000 pin codes by first quarter of financial year 2019-20, aggressively grow e-commerce market share investment, and expand its end-to-end supply chain platform to enterprise customers and SMEs (small and medium enterprises)," the company said.

"We will be scaling up our newer warehousing and freight services through large investments in infrastructure and technology and global partnerships in addition to improving the reach, reliability and efficiency of our transportation operations and sharing these benefits with our customers and partners," said Delhivery Chief Executive Officer Sahil Barua.

Delhivery also counts New York-based Tiger Global Management, Nexus Venture Partners and and Times Internet, the digital arm of the Times of India Group that publishes The Economic Times, among its list of backers.

(With inputs from PTI)