Logistics and supply chain services startup Delhivery has announced new $ 125 million funding from Addition, an investment fund owned by former Tiger Global partner Lee Fixel. While the company claims that Fixel has been investing in Delhivery since 2015, its association with the logistics company has recently come to light.
Delhivery had already raised around $ 76 million from Addition earlier this month, the company’s regulatory filings show. That brings Delhivery’s total fundraising to over $ 500 million in 2021, including $ 277 million led by Fidelity in May and $ 100 million led by FedEx Express in July.
The fresh money comes before the SoftBank-supported company goes public. According to media reports, it will file the draft Red Hering prospectus in the coming months and is expected to raise $ 800 million to $ 1 billion through its IPO.
Delhivery is likely to be the first logistics company to go public. According to a mint report, Ecom Express is also aiming to raise $ 500-600 million through a public listing that the CDC-backed company could estimate at over $ 2 billion.
Delhivery provides parcel delivery, warehousing, freight, reverse logistics, cross-border and technology services to over 17,000 customers, including e-commerce subscribers large and small, SMEs and other leading companies and brands.
Earlier this year Delhivery had allotted partially paid shares valued at $ 24.6 million on 17 people on its executive team including the founders. Sahil Barua and Kapil Bharati along with Chief Business Officer Sandeep Barasia, Chief Operating Officer Ajith Pai and Chief Financial Officer Amit Agarwal were allotted shares worth 24.63 billion rupees or $ 3.4 million each.
Meanwhile, Bhavesh Manglani and Mohit Tandon, two of the five co-founders of Delhivery, went on left the company and were now classified as retired and inactive promoters in the company linked to the IPO.
This is Lee Fixel’s second investment in India. In September 2020, the company had a $ 35. guided Million round in Inshorts Public’s location-based social media platform.
Corresponding Trickypedia– Delhivery had controlled its losses at Rs 269 crore in FY20 from Rs 1,772.7 crore in FY19. During the reporting period, consolidated sales were up 76.4% to Rs.2,988.6 billion, compared to Rs.1,694 billion in the previous fiscal year.