Delhivery raises $277 million ahead of IPO; now valued at $3 billion

Ahead of its initial public offering (IPO), e-commerce logistics startup Delhivery has raised $277 million. The funding is expected to be its final one before the IPO scheduled for later this year. The logistics startup is now valued at about $3 billion.

The Gurugram-headquartered startup said in a regulatory filing that it raised $277 million in what it expects to be the final funding round before the IPO. It also disclosed that the latest round is led by Boston-headquartered investment firm Fidelity. Singapore's sovereign wealth fund GIC, Abu Dhabi's Chimera, and UK's Baillie Gifford also participated.

The 10-year-old startup counts SoftBank Vision Fund, Tiger Global Management, Times Internet, The Carlyle Group, and Steadview Capital  among its list of investors. The company has so far raised about $1.23 billion.

Delhivery had announced expansion of its footprint earlier this year with two new tech offices in Bengaluru and Ahmedabad. At that point it had said that its strength would be increased to 500 employees in the country. Currently it has more than 350 employees. It has offices in Gurugram, Goa, Hyderabad, and Seattle in the US.

The startup also has plans to invest $40 million in two years to expand and increase its fleet size as orders grow amid the COVID-19 pandemic.

Co-founder and CTO Kapil Bharati had said that the expansion is to ensure that they stay ahead of the curve with tech and data science being the core business differentiators.

Over 17,500 pin codes across 2,300 cities are serviced by the logistics platform. It has fulfilled 850 million transactions in these 10 years. From large and small e-commerce companies to SMEs and brands, Delhivery has over 10,000 direct customers.

Also read: Delhivery's two co-founders exit logistics unicorn ahead of IPO

Also read: Logistics firm Delhivery draws out expansion plans; to invest up to Rs 300 crore over 2 years