Logistics unicorn Delhivery on Friday announced that it has raised $125M from Lee Fixel’s venture capital firm, Addition. The VC firm is the latest global fund to pump money into Gurgaon-heaquartered firm which is expected to launch an IPO in coming quarters. The latest financing round follows earlier rounds from other marquee global investors. Lee remains a long-term backer of Delhivery and has been investing and re-investing in the company since 2015.
Sahil Barua, CEO of Delhivery, added, “We have a long-standing relationship with Lee and are delighted to welcome him to our cap table again. This investment reinforces the trust that institutional investors have placed in Delhivery and is a validation of the strength of our business.”
Lee Fixel, founder of Addition, said, “Delhivery has established a market-leading position by innovating across the logistics space and has attracted several marquee investors. We are pleased to continue to support Delhivery and its new logistics SaaS, which is well-positioned to transform the global supply chain and logistics markets”.
Delhivery had already raised around $76 million from Addition early this month, the company’s regulatory filings show. This takes the total fundraise by Delhivery in 2021 to over $500 million which includes $277 million led by Fidelity in May and $100 million led by FedEx Express in July.
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Founded in 2011 by Sahil Barua, Bhavesh Manglani, Kapil Bharati, Suraj Saharan, and Mohit Tandon, Delhivery focuses on end-to-end logistics and supply chain services across the country. It covers around 17,000 pin codes and offers services such as parcel transportation, LTL and FTL freight, reverse logistics, cross-border, B2B and B2C warehousing, end-to-end supply chain services, and technology services.
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