Indian logistics unicorn Delhivery raises $277m ahead of IPO

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SoftBank-backed logistics startup Delhivery has raised $277 million in a funding round led by American investment firm Fidelity as it prepares to launch an initial public offering (IPO), per the company’s latest regulatory filings.

The Gurugram-based logistics company has passed a special resolution to allot 5,63,349 Series H fully paid-up participating cumulative compulsory convertible preference shares of Rs 100 at an issue price of Rs 35,655 per share to raise Rs 2,008.62 crore or $277 million, the filings disclosed.

Fidelity Investment has led the funding with about $125-million infusion while Singapore-based GIC’s Gamnat Pte has contributed nearly $75 million. Abu Dhabi-headquartered Chimera Investments and Pacific Horizon Trust have invested $50 million and $25 million respectively.

With the latest infusion, Delhivery’s post-money valuation has reportedly jumped to almost $3 billion. The company was said to have been valued at $2 billion after Steadview Capital’s $25 million infusion through a secondary transaction in December last year.

According to the reports, this could be the last fundraise by the company before it hits the capital market. Last December, Delhivery had announced its plan to go public in the next 12-15 months.

The company is looking to raise $650-$800 million through the IPO at a valuation of $4 billion, and has already begun talks with investment bankers such as Citibank, Kotak Mahindra Capital, Bank of America Merrill Lynch and Axis Capital to manage the same, The Economic Times reported.

Delhivery became a unicorn in 2019 when it raised $413 million in a Series F round led by SoftBank Vision Fund, along with existing investors Carlyle Group and Fosun International. It was then valued at $1.5 billion.

Other investors in the company include Tiger Global Management and Times Internet.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.