India: Delhivery may win unicorn tag with likely $250m funding from SoftBank

Pedestrians walk past a SoftBank Group Corp. store in Tokyo, Japan. Photographer: Tomohiro Ohsumi

E-commerce-focused logistics player Delhivery is reportedly on its way to join the coveted unicorn league, as it has attracted the interest of SoftBank Vision Fund to invest $200-250 million in the company.

According to a source-based report in The Economic Times, the Masayoshi Son-led $100-billion SoftBank Vision Fund is evaluating Delhivery at a post-money valuation of around $1.2 billion.

Some of the key existing investors in the company include private equity giant Carlyle Group, China’s Fosun Group, Goldman Sachs Investment Partners, Tiger Global, Renuka Ramnath-led Multiples Alternate Asset Management, Nexus Venture Partners and Times Internet.

The news comes amidst reports of Delhivery pushing back its plan to list on the stock exchanges with an initial public offering to raise $350 million (Rs 2,500 crore) at a valuation of $2-2.8 billion.

The Gurgaon-based company had reportedly appointed investment banks Goldman Sachs, Morgan Stanley, Citigroup and Kotak to run the issue. The IPO was expected to provide a partial exit to some of its investors, particularly those that had invested in the company three to four years ago.

Founded in 2011, Delhivery provides express logistics services in over 1,200 cities in India and operates several fulfillment centres for B2C and B2B services. Carlyle had invested in the startup’s $100-million investment round for a significant stake in March last year. The round also saw participation from existing investor Tiger Global.

Earlier in 2015, Delhivery had raised $85 million from Tiger Global, Renuka Ramnath-led Multiples Alternate Asset Management, Nexus Venture Partners and Times Internet.

If the deal goes through, then it will be the sixth startup to enter India’s unicorn club after Swiggy, PolicyBazaar, Freshdesk, Udaan and Oyo.

Also Read:

Carlyle-backed Delhivery plans $350m IPO, hires investment banks: Report

India: Tiger Global-backed Delhivery raises $100m in a funding round led by Carlyle

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.