Ahead of IPO, Delhivery raises $277 Million led by Fidelity Investments

ahead of ipo delhivery raises 277 million led by fidelity investments

This year, the Indian Stock Market has been flooded by IPOs, and yet another wave of IPOs are coming, with the likes of Paytm, Flipkart, LIC, Lenskart, and now Delhivery. The ten-year-old logistics firm,Delhivery, which started initially as a food-delivery service, has now become one of India’s largest independent e-commerce logistics startups. It now serves over 2,300 Indian cities and more than 17,500 zip codes in the country.

In a recent regulatory filing, the Gurgaon-headquartered startup disclosed it had raised $277 million in a round led by Boston-headquartered investment firm Fidelity. Apart from this, Singapore’s sovereign wealth fund GIC, Abu Dhabi’s Chimera, and UK’s Baillie Gifford also participated in the new round, which the startup didn’t specify.

The funding round valued the 10-year-old startup at about $3 billion. Boston-based Fidelity Investments led the round with $126 million, whereas GamnatPteinvested $75.6 million. Abu Dhabi-headquartered Chimera Investments and Pacific Horizon Trust also invested $50 million and $25 million, respectively.

Delhivery is also backed by SoftBank Vision Fund, Tiger Global Management, Times Internet, The Carlyle Group, and Steadview Capital and has raised about $1.23 billion to date. The startup is planning to invest over $40 million within two years to expand and increase its fleet size to meet the growing demand for orders amid the pandemic. Delhivery says it has delivered over 1 billion orders, works with “all of India’s largest e-commerce companies and leading enterprises. The company is also preparing for an IPO next year.