CPPIB confirms $115m investment in India's Delhivery

The investment, first reported last month following a regulatory filing, represents an 8% stake in the company. CPPIB invested via its Fundamental Equities Asia (FEA) unit, which makes later-stage direct investments across the region.

“The continued strong growth of e-commerce has generated significant opportunities in India’s express logistics space for long-term investors such as CPPIB, and we are pleased to partner with a market leader,” said Deborah Orida, global head of active equities at CPPIB, said in a statement. 

Delhivery is one of India’s largest third-party logistics providers, with 14,000 vehicles and a 40,000-strong team operating across more than 2,000 cities. It claims to have realized some 500 million in cumulative shipments to date, with a focus on B2B and B2C e-commerce.

The company has raised more than $800 million in total, including a $415 million Series F round earlier this year. CPPIB’s position will come entirely from buying out existing investors. Multiples Alternate Asset Management and Nexus Venture Partners were reportedly in talks to sell their shares.

CPPIB has been active in India for almost a decade and claims to have C$9.9 billion ($7.5 billion) of equity investments in the country across all asset classes. Previous Indian investments by the pension fund’s FEA platform include education tech provider Byju’s, which is valued at more than $5 billion.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• South Asia
• Consumer
• Technology
• Secondaries
• India
• CPPIB
• Logistics