Carlyle, Tiger invest $100m in India's Delhivery

The company will use the new capital to grow its customer network and improve its technology platform, and also plans to leverage Carlyle’s global network and industry expertise to support its growth strategy.

Delhivery provides express logistics services in over 600 cities in India, mainly focusing on fulfillment for business-to-business and business-to-consumer e-commerce companies. Its clients include leading e-commerce brands Flipkart and Snapdeal, along with more specialized services such as furniture and grocery providers.

Since its founding in 2011, the company has raised several rounds of capital. Most recently, Tiger led a Series D in 2015 worth $85 million with participation by Multiples Alternative Asset Management, Nexus Venture Partners and Times Internet. Tiger later bought a 10% stake from Multiples the same year.

“We see significant potential for technology-enabled logistics in the country with the growth of e-commerce as well as increasing customer focus on on-time delivery and service levels,” said Neeraj Bharadwaj, a managing director in Carlyle’s Asia buyout team, in a release. “Delhivery, with its industry-leading service metrics and cost efficiency, is well-positioned to benefit from these future growth opportunities.”

Carlyle invested from its fourth Asian fund, Carlyle Asia Partners IV, a 2012-vintage vehicle that closed at $3.9 billion in 2014. The GP launched its fifth Asia growth fund last May with a target of $1 billion. The International Finance Corporation recently proposed a commitment of up to $25 million to the fund, which will focus on small buyout and late-stage growth capital investments, mainly in China and India.

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• Topics
• South Asia
• Support services
• Expansion
• India
• The Carlyle Group
• Tiger Global Management
• Logistics
• TMT