CPPIB cleared to invest in India's Delhivery

The Competition Commission of India announced its approval of the purchase on its Twitter feed. According to a filing, CPPIB plans to buy the shares entirely from existing investors; those investors have not been disclosed, but Indian media outlets have reported that Multiples Alternate Asset Management and Nexus Venture Partners were in talks to sell their shares.

Delhivery was founded in 2011 and provides express logistics services with a focus on fulfillment for B2B and B2C e-commerce companies in India. It claims to have fulfilled over 450 million orders for 85 million households, with 14,000 vehicles and 40,000 team members across the country.

Earlier this year, Delhivery raised a INR29 billion ($415 million) Series F round led by SoftBank Vision Fund, with participation by The Carlyle Group and Fosun International. That round valued Delhivery at around $1.6 billion; the size of CPPIB’s investment has been reported at $150 million, implying a valuation of $1.9 billion.

CPPIB is an active direct investor in India - as well as making fund commitments - with stakes in companies including online education start-up Byju’s, renewable energy producer ReNew Power, and cellular communications business Bharti Infratel.

It also has joint ventures with several local players, including a warehousing investment platform alongside IndoSpace Core and a distressed asset partnership with Kotak Mahindra Group.

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• Topics
• South Asia
• Consumer
• Technology
• Secondaries
• India
• CPPIB
• Logistics
• Multiples Alternative Asset Management
• Nexus India Capital Advisors