SoftBank Vision Fund to invest in India's Delhivery
SoftBank Vision Fund is planning to purchase a stake of up to 38% in Indian e-commerce logistics services provider Delhivery.
According to a filing with the Competition Commission of India, the Vision Fund will initially acquire a 22% holding in Delhivery, with a potential further share sale to follow. Financial terms of the transaction have not been disclosed, though Indian media sources have previously reported that SoftBank intended to invest $450 million through a mix of primary and secondary transactions.
Delhivery was founded in 2011 and has raised several rounds of capital. Its backers include Tiger Global Management, which led an investment of more than $100 million along with The Carlyle Group in 2017. Multiples Alternate Asset Management, Nexus Venture Partners, and Times Internet are also investors.
The company provides express logistics services in over 1,700 cities in India, focusing on fulfillment for B2B and B2C e-commerce companies. With over 21,000 employees and 14,000 vehicles nationwide, it claims to have completed more than 340 million shipments since its founding.
Delhivery's competitors in the third-party logistics sector include Ecom Express, a start-up supported by Warburg Pincus and Peepul Capital, and Tata Capital-backed TVS Logistics.
SoftBank Vision Fund reached a first close of over $93 million in 2017, and targets majority and minority positions in public and private technology companies. Its India portfolio includes online hospitality platform Oyo and e-commerce giant Flipkart, a customer of Delhivery.
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