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Delhivery

Delhivery bags $125 Mn from Lee Fixel’s Addition

Delhivery

Logistics and supply chain services startup Delhivery has announced $125 million new funding from Addition, an investment fund of Tiger Global’s former partner Lee Fixel. While the company claims that Fixel has been investing in Delhivery since 2015, his connection with the logistics company has come to light recently.

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.

The fresh money comes ahead of the initial public offering of the SoftBank-backed firm. As per media reports, it is all set to file its draft red herring prospectus in the coming months and likely to raise $800 million to $1 billion through its IPO.

Delhivery is likely to be the first company from the logistics space to list on the bourses. According to a Mint report, Ecom Express is also eyeing to raise $500-600 million through a public listing that may value the CDC Group-backed company at over $2 billion.

Delhivery provides parcel transportation, warehousing, freight, reverse logistics, cross-border and technology services to over 17000 customers, including large & small e-commerce participants, SMEs, and other leading enterprises and brands. 

Early this year, Delhivery had allotted partly paid shares worth $24.6 million to 17 people in its leadership team including the founders. Sahil Barua and Kapil Bharati along with Chief Business Officer Sandeep Barasia, Chief Operating Officer Ajith Pai and Chief Financial Officer Amit Agarwal were allotted shares worth Rs 24.63 crore or $3.4 million each. 

Meanwhile, Bhavesh Manglani and Mohit Tandon, two of the five co-founders of Delhivery, had moved on from the company and they have now been reclassified as retiring and non-active promoters in the IPO-bound firm.

This is the second investment for Lee Fixel in India. In September 2020, the firm had led a $35 million round in Inshorts’  location-based social media platform Public.

According to Fintrackr, Delhivery had controlled its losses to Rs 269 crore in FY20 from Rs 1,772.7 crore in FY19. During the period, its consolidated revenue had surged by 76.4% to Rs 2,988.6 crore as compared to Rs 1,694 crore in the previous fiscal year.

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Delhivery

Delhivery bags $125 Mn from Lee Fixel’s Addition

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