Carlyle, Fosun join $415m round for India's Delhivery
The Carlyle Group and Fosun International have joined a INR29 billion ($415 million) Series F round for Indian e-commerce logistics services provider Delhivery led by SoftBank Vision Fund.
The funding round values Delhivery at around $1.6 billion, according to filings with the Registrar of Companies cited by multiple Indian media sources. Delhivery will issue a total of 1.45 million shares to the investors at INR20,000 each. SoftBank may make additional contributions to the company, as disclosed in previous filings.
Both Carlyle and Fosun are existing investors in Delhivery. Following the investment, SoftBank and Carlyle will hold stakes of 23.4% and 12.4%, respectively. Fosun will see its holding drop from 4.8% to 4.5% despite its fresh commitment due to the dilutionary effect of the newly issued shares.
Delhivery was founded in 2011 and has raised several rounds of capital from backers including Tiger Global Management, which led an investment of more than $100 million alongside Carlyle in 2017. Multiples Alternate Asset Management, Nexus Venture Partners, and Times Internet are also investors.
The company provides express logistics services with a focus on fulfillment for Indian B2B and B2C e-commerce companies in India. It has more than 21,000 employees and claims to have fulfilled over 340 million orders to 50 million households since its founding. Competitors in the third-party logistics sector include Tata Capital-backed TVS Logistics and Ecom Express, a start-up supported by Warburg Pincus and Peepul Capital, respectively.
India’s logistics space is an active center of investment as a result of growing demand for modern shipping and warehousing capacity from India’s e-commerce sector. Investors are also encouraged by government measures like the goods and services tax, which is expected to stimulate the development of nationwide logistics networks by eliminating India’s cumbersome network of inter-state tariffs.
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