March 24, 2019 / 11:48 AM / a month ago

India's Delhivery raises $413 mln in Softbank-led funding

MUMBAI, March 24 (Reuters) - Indian supply chain solutions company Delhivery has raised fresh investment of $413 million in a financing round led by the Softbank Vision Fund, they said in a joint statement on Sunday.

Carlyle and Fosun, both existing investors in the e-commerce business, also participated in the latest financing round.

Delhivery was founded in 2011 as a food delivery company but has since shifted to providing a full suite of logistics services in more than 1,800 Indian cities and is a market leader in e-commerce fulfilment.

“We will be scaling up our newer warehousing and freight services through large investments in infrastructure and technology and global partnerships, in addition to improving the reach, reliability and efficiency of our transportation operations and sharing these benefits with our customers and partners,” Delhivery CEO Sahil Barua said in a statement.

The plans include increased service locations and expansion of its end-to-end supply chain platform.

“Our investment in Delhivery reflects our focus on partnering with innovative market leaders ... Delhivery has demonstrated industry leading growth and emerged as the one-stop solution for e-commerce logistics,” said Munish Varma, of SoftBank Investment Advisers. (Reporting by Swati Bhat Editing by David Goodman)

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