Delhivery, a leading third-party supply chain services company focused on e-commerce in India, has secured more than US$100 million in fresh funding from global alternative asset manager The Carlyle Group, with participation from existing investor Tiger Global.
With this, the Delhi-based company’s valuation has reached over US$600 million, according to a Times of India report.
Neeraj Bharadwaj, Managing Director of the Carlyle Asia buyout team, said: “We see significant potential for technology-enabled logistics in the country with the growth of e-commerce as well as increasing customer focus on on-time delivery and service levels. Delhivery, with its industry-leading service metrics and cost efficiency, is well-positioned to benefit from these future growth opportunities.”
Founded in 2011, Delhivery provides express logistics services in over 600 cities and in more than 8,500 ZIP codes in India. It has 12 fulfilment centres for B2C and B2B fulfilment services. In addition, Delhivery provides less-than-truckload shipping, full-truckload shipping, cross-border delivery and a range of supply chain technology products to enterprises and small businesses.
“We are excited to partner with Carlyle as we continue to grow our business to meet the surging demand from our e-commerce clients, small businesses and enterprises who are rapidly digitising their supply chain operations. We believe Carlyle’s global network and industry expertise will enable us to expedite our growth strategy,” said Sahil Barua, CEO and Co-founder of Delhivery.
In May 2015, Delhivery had raised US$85 million in Series D led by Tiger Global with participation from existing investors Multiples Alternate Asset Management, Nexus Venture Partners and Times Internet. Prior to that it closed approximately US$40 million in multiple rounds.
The Carlyle Group is a global alternative asset manager with US$158 billion of assets under management across 281 investment vehicles. Carlyle’s purpose is to invest wisely and create value on behalf of its investors, many of whom are public pension funds. Carlyle invests in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation.
The Carlyle Group employs more than 1,600 people in 35 offices across six continents.
In India, Carlyle has invested more than US$1.4 billion of equity in over 30 transactions.
Logistics has been one of the hottest industries in India that witnessed large investments in the past two years, mainly due to a fast-growing e-commerce space. Last week, Bangalore-based BlackBuck, an online marketplace for inter-city logistics in India, raised US$70 million in Series C funding from US-based Sands Capital, with participation from existing investors.
A few months ago, rivigo, another leading name in the logistics tech industry, raised US$75 million from Warburg Pincus. DHL eCommerce, a giant in freight logistics, recently committed US$75 million to expand operations in India.
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