Delhivery, a leading third-party supply chain services company focused on e-commerce in India, has secured US$30 million in fresh funding from Chinese conglomerate Fosun International, with participation from existing investor and global alternative asset manager The Carlyle Group, says a report by The Economic Times.
As per this report, the latest tranche is part of a larger round estimated at between $100-$130 million. It is not clear as to in which areas the company plans to deploy the capital.
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.
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.
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. In March this year, 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.
Headquartered in Shanghai, Fosun has evolved into a leading investment group taking roots in China with a global foothold. Fosun has been actively implementing its investment model of “combining China’s growth momentum with global resources”, aspiring to becoming an investment group underpinned by the twin drivers of insurance-oriented integrated financial capability and global industrial integration capability taking roots in China.
In March this year, Fosun had participated in online travel search engine ixigo’s US$15 million Series B funding round.