Delhivery raises 30 million dollars from Fosun International

May 24, 2017

Gurgaon based logistics services startup Delhivery has received 30 million dollars (about Rs 200 crore) from Chinese conglomerate Fosun International which will help the company to expand its services to sectors beyond e-commerce. Fosun’s investment was part of a round in which Delhivery raised 100 million dollars (655 crore) from private equity firm Carlyle Group and existing investor Tiger Global in February.

The investment in Delhivery is among the largest in the tech-focused logistics space. Earlier in 2014, Delhivery had raised 35 million dollars in a Series C round led by Multiples Alternate Asset Management. Delhivery had raised 85 million dollars in a Series D round of funding led by Tiger Global Management in 2015. It also included involvement from existing investors including Multiples Alternate Asset Management, Nexus Venture Partners and Times Internet Limited.

"A dominant part of our business continues to come from ecommerce and we have grown our nonecommerce shipments from zero to double-digit percentage in over the past year a and half," said Sahil Barua, CEO of Delhivery. The company was established in 2011 by Sahil Barua, Mohit Tandon and Suraj Saharan.

"Last year set us back due to demonetisation but our target for profitability remains the same. We would still like to go public though we are awaiting more clarity on government regulations," said Barua.

The startup currently services about 600 cities and 8,500 pin codes. It also has about 12 fulfilment centres for B2C and B2B fulfilment services and provides these services to companies such as Zomato, Flipkart, and Paytm. Delhivery is also planning to increase its fulfilment centres in the country.

Fosun came to India last year and since then it has invested in companies like MakeMyTrip and Ixigo. In March, Fosun had participated in online travel search engine Ixigo’s 15 million dollars Series B funding round, which was led by Sequoia Capital.

May 24, 2017

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