Delhivery raises USD 277 million ahead of initial public offering

NEW DELHI: IPO-bound supply chain startup Delhivery has raised $277 million (Rs 2,000 crore) in a fresh funding round led by US investment firm Fidelty.

The round saw GIC (Singapore wealth fund), AbuDhabi-based Chimera, and Scotland-based Baillie Gifford also participate.

According to the company’s regulatory filings, Fidelty pumped in $125 million during the round, valuing Delhivery at $3 billion. 

The start-up counts SoftBank, Tiger Global, and Steadview Capital among its backers. Sources also said that Delhivery is looking to raise $600-700 million during its IPO slated for early next year.

Delhivery had earlier said that the investments would be utilized for capacity additions as well as global expansions.

Technology is disrupting  the traditional logistics industry of India where roadways still constitute 75 per cent of the overall market size.

Logistics tech platforms aim to address the pain points in the conventional supply chain system by connecting various stakeholders,including e-commerce firms. 

Delhivery says that it has fulfilled over one billion orders to more than 300 million households across India.

Industry experts forecast that digital transformation of the logistics sector could translate into a value of $1.5 trillion.