Funding News

SoftBank Funding Propels Delhivery into the Unicorn World

India’s coveted unicorn list has got a new member, Gurgaon based logistics startup Delhivery. Delhivery’s journey to the unicorn world was expedited, after its latest funding round from SoftBank and other investors. In all, the logistic company has raised $350 Mn from SoftBank and Fosun International from the latest round, which has capitulated its valuation to nearly $1.6 Bn.

logo of Delhivery

SoftBank finally makes investment debut in logistics startup Delhivery     

This is SoftBank’s first investment in Delhivery, which counts marquee investors like Tiger Global Management, Nexus Venture Partners and Times Internet. The unconfirmed reports about SoftBank planning an investment round in Delhivery have been going on since October last year. Reports further claimed that SoftBank’s impending plan had forced the logistics company to put a break on its IPO dream. The company had tentatively planned $350 Mn IPO in June last year.

As per reports, SoftBank has received permission from the regulatory body to pick up 23.41% stake in the Gurgaon based startup. In return, the Japanese investment giant will be allotted 1.23 million Series F compulsorily convertible cumulative preference shares (CCCPS), as per Delhivery’s latest filing with Registrar of Companies (ROC).

The company has also issued 158,831 Series-F CCCPS to Carlyle Group and 63,532 Series-F CCCPS to Fosun International. Both are existing investors in the company.

Delhivery was recently in news for acquiring Indian business of Dubai headquartered logistics firm Aramex for an undisclosed amount.

The Gurgaon based company never had to face problems in raising funds ever since its inception in 2011. It is one of the most heavily funded startups in the logistics space. It services nearly 600 cities and 8,500 pin codes across India and counts big e-commerce companies like Flipkart and Paytm as its clients.

Delhivery’s financial metrics are also appearing pretty decent. For FY18, the company’s revenue witnessed a quantum jump of 42% to reach at $153.26 Mn (INR 1,073.64 Cr).

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