Since its inception, it has raised nearly USD 257.6 million funding, with major fundings coming from Carlyle and Tiger Global in 2017 and another USD 30 million from Fosun Group.
To survive in the ever increasing competition in the e-commerce sector, and expand its reach among the masses, a logistics startup Delhivery has decided to raise a USD 350 million initial public offering (IPO).
According to a report by Inc42, Delhivery has the backing of investment banking giants such as Goldman Sachs, Morgan Stanley, Citigroup, and Kotak to run the IPO. The Gurugram-headquartered company is looking for a valuation of approximately USD 2-2.8 billion in the IPO. It is expected that it will file its draft red herring prospectus in upcoming months.
Launched in 2011 by trio of Sahil Barua, Mohit Tandon, and Suraj Saharan, Delhivery was later joined by Bhavesh Manglani and Kapil Bharati. The company was launched in order to revolutionise the logistics supply chain market in India. Since its inception, it has raised nearly USD 257.6 million funding, with major fundings coming from Carlyle and Tiger Global in 2017 and another USD 30 million from Fosun Group. It was valued at USD 650 million at the time of this investment.
Currently, the company is spread about 600 cities and 8,500 PIN codes with about 12 fulfilment centres for B2C and B2B fulfilment services. Some of the big investment firms which back this startup are Carlyle Group, China’s Fosun Group, Goldman Sachs Investment Partners, Tiger Global, Renuka Ramnath-led Multiples Alternate Asset Management, Nexus Venture Partners and Times Internet. Earlier in FY17, Delhivery had reduced its losses to USD 36.31 million from USD 54.10 million in FY16.
