After a 4-5 month long negotiation and getting the nod from competition commission of India, logistics firm Delhivery has finally closed Series F round with $413 million.
The round was led by Softbank Vision Fund that had confirmed a commitment of $350 million when Delhivery’s board filed a Special Resolution with MCA two weeks ago. Existing investors Carlyle and Fosun have also participated in the round.
As per the earlier report, SVF is investing the aforementioned amount for 23.41 per cent stake at $1.6 billion valuation. It will be a two-fold jump in the company’s valuation that has raised about $260 million prior to this round.
Delhivery will infuse the latest funds to expand its reach from 15,000 to 20,000 pin codes by the first quarter of the financial year 2019-20. Besides, it will be scaling up newer warehousing and freight services and expand its end-to-end supply chain platform to enterprise customers and SMEs, said the company in a press statement.
Currently, the logistics major has about 30 fulfillment centres in 12 cities for B2C and B2B services.
Backed by the likes of Tiger Global, Nexus Ventures and TIL, Delhivery provides a full suite of logistics services in more than 1,800 cities and has registered over 450 million transactions since its inception.
Last month, Delhivery had acquired Indian business of Dubai-based logistics firm Aramex. The deal will up the ante against its close rival in the space such as E-com, Blue Dart, Xpressbees, Shadowfax and several others.
IN FY18, Delhivery recorded a 42 per cent increase in the revenue from Rs 756.01 crore in FY17 to Rs 1073.64 crore. Meanwhile, the losses also increased by 8.5 per cent to Rs 692.22 crore in the fiscal.