(Source: Delhivery)

Delhivery Joins Unicorn Club After Raising $395 Million

Logistics startup Delhivery joined India’s unicorn club—firms valued at more than $1 billion—after it raised $395 million in a fresh fundraise led by SoftBank.

The latest round of funding takes the Gurugram-based company’s valuation to nearly $1.5 billion, according to BloombergQuint’s calculations.

Existing investors, private equity firm Carlyle Group and Chinese conglomerate Fosun International also participated in the fundraising, according to filings with the Registrar of Companies.

The startup raised about $350 million from SoftBank by issuing 1.23 million compulsorily convertible cumulative preference shares at a premium of Rs 20,063 each, the filings showed.

SoftBank invested through a Cayman Islands-based holding company, SVF Doorbell (Cayman) Ltd., as part of the $100-billion Vision Fund, while the remaining $45 million was infused by Carlyle and Fosun, according to the filings.

After the deal, SoftBank owns about 23.41 percent stake in Delhivery, while Carlyle Group will 12.39 percent, the filings said, adding the startup aims to use the fresh capital to expand and other corporate purposes.

Founded in 2011 by Sahil Barua, Mohit Tandon, Suraj Saharan, Kapil Bharti and Bhavesh Manglani, the company started off as a local on-demand delivery service provider. It later expanded to a full-fledged logistics services provider catering 1,700 cities. The startup, according to its website, has about 44 hubs and 33 fulfillment centres in India.