Lee Fixel's Addition backs India-based Delhivery
Addition, a private equity firm established by Lee Fixel, who was previously involved in many of Tiger Global Management’s early India deals, has invested $125 million in local e-commerce logistics provider Delhivery.
The start-up said in a statement that Fixel “remains a long-term backer of Delhivery and has been investing and re-investing in the company since 2015.” These investments, which came during his time at Tiger Global, included taking the lead in an $85 million Series D in 2015 and re-upping in a $100 million round led by The Carlyle Group two years later.
Delhivery, which is widely expected to file for an IPO this year, has received more than $1.4 billion in private funding. Most recently, it secured $277 million from Baillie Gifford, Chimera Financial Investments, Fidelity, and GIC, in June and then $100 million from FedEx a month later.
In August, the company acquired industry peer Spoton Logistics with a view to strengthening its B2B capabilities. This facilitated an exit for several private equity investors.
Delhivery is an end-to-end logistics and supply chain services provider that has completed more than one billion shipments to over 525 million households on behalf of 17,000 customers since 2011. It delivers 1.5 million packages a day through 20 automated sorting centers, 67 fulfillment centers, 68 logistics hubs, 2,300 direct delivery centers, and 7,000 delivery partner facilities.
Areas of coverage include express, less-than-truckload (LTL), and full-truckload (FTL) transportation, reverse logistics, cross-border shipments, B2B and B2C warehousing, and technology services.
“Delhivery has established a market-leading position by innovating across the logistics space and has attracted several marquee investors. We are pleased to continue to support Delhivery and its new logistics SaaS [software-as-a-service], which is well-positioned to transform the global supply chain and logistics markets,” Fixel said.
The start-up’s other investors include Canada Pension Plan Investment Board (CPPIB), Fosun Group, SoftBank Vision Fund 1, Steadview Capital, Nexus Venture Partners, Times Internet, and Multiples Alternative Asset Management.
Addition has also invested in Indian news aggregation app Inshorts, having taken the lead in a $35 million round last year. Tiger Global first backed the company in 2015. The most recent round featured Tanglin Venture Partners, a firm established by two former Tiger Global executives based in Asia.
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