Delhivery on Monday said it has raised USD 275 million (about Rs 1,995 crore) in a primary funding round, led by Fidelity Management and Research Company, ahead of the e-commerce logistics startup’s plans to get listed in the coming months. The company said some other public market funds also participated in the round but did not disclose the names of the investors. With the fresh capital, Delhivery’s valuation is expected to rise to over USD 3 billion, a statement said.
The capital infusion comes in when the company has witnessed healthy revenue growth in 2020-21 despite the pandemic and is well poised on its path to profitability, it added. Reports suggest that the latest capital infusion is the final one before the company’s IPO is launched later this year. “We are delighted to welcome Fidelity and our other new investors to our cap-table. This round of financing significantly strengthens our balance sheet and is a statement of confidence as we plan to go public,” Delhivery co-founder and chief executive officer Sahil Barua said.
He added that Delhivery – which turns 10 in June this year – has completed 1 billion cumulative shipments in April 2021. Citi acted as the sole financial advisor to Delhivery on this transaction.