Delhivery gets $85 Million in funding
May 6 2015
Delhivery, India’s leading e-commerce fulfilment company, has announced that it has raised a Series D round of investment of ~$85M led by Tiger Global Management with participation from existing investors, Multiples Alternate Asset Management, Nexus Venture Partners, and Times Internet Limited. This is the company’s fourth round of financing coming less than 8 months after its Series C round which was led by Multiples Alternate Asset Management in September 2014.
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“Delhivery’s ambition is to fulfill all of India’s online demand for products. We will deploy this capital to build infrastructure and design services for e-commerce, hyper-local commerce, C2C commerce and other verticals with specialized requirements such as reverse logistics, furniture and grocery”, said the company’s spokesperson.
“Delhivery has built its market-leading position by innovating extensively in its growing portfolio of commerce technologies while expanding its logistics infrastructure, fulfilment and transportation services. We are excited to be a part of this growth story, which aims to fulfill all the rapidly growing online demand for products in India.”said Lee Fixel,Partner,Tiger Global.
SatyanGajwani who led Times Internet’s Series A investment in Delhivery said, “Delhivery’s growth has been phenomenal since we invested in 2012. Their growth is underpinned by an extensive range of proprietary commerce technologies that they’ve built in-house to tackle complex logistics problems far better than any other company in India.”
Today Delhivery has over 10,000 employees in more than 200 cities along with nearly 1 million square feet of warehousing space in 11 fulfilment centers. By the end of the calendar year the company plans to tap into India’s rural market as well with a four-fold increase in its current reach along with investment in over 2.5 million square feet of fulfilment centers.
“We are excited to continue our partnership with Delhivery as it builds out the leading e-commerce enablement company in the country”, saidSuvirSujan, co-founder and MD, Nexus Venture Partners.
Echoing this, SudhirVariyar, Managing Director of Multiples Alternate Asset Management, said “We are impressed with the rapid operational scale up the company has accomplished while maintaining its technology edge”.
The company is also expected to invest heavily in expanding the senior management team and has already brought on Sandeep Barasia, ex-Bain and Company and Suraju Dutta, ex-FedEx, as Managing Directors.
Dutta joins Delhivery with over 20 years of strategic leadership experience from global supply chain giant Federal Express, where he oversaw operations in over 66 countries. “I am incredibly excited to join Delhivery’s young, dynamic and talented team. In just four years the company has already established itself as the largest independent e-commerce fulfillment player in India”, hesaid. His expertise will help develop Delhivery’s domestic and international footprint through progressive expansion of its infrastructure and service capabilities.
Barasia will lead the company’s product and service portfolio and will focus on innovation, business strategy and organization development. Barasia, an alumnus of the London Business School, was previously Senior Partner at Bain & Company in the Consumer Products Group and brings over 17 years of experience across industries and geographies.
“It is a privilege to be part of the evolving story of Indian e-commerce with Team Delhivery. Our ambition is to redefine the ecosystem allowing consumers, merchants, e-tailers and brands to transact seamlessly with each other through tailor-made solutions”, said Barasia.
Delhivery, founded in 2011 by SahilBarua, MohitTandon, Suraj Saharan, BhaveshManglani and KapilBharati, handles over 3 million monthly transactions for 70,000+ merchants, 1,500 e-commerce companies and 200 offline retailers across its network.