Logistics and supply chain startup Delhivery raises $25 million from Steadview Capital ahead of planned IPO

Hong Kong-based hedge fund Steadview Capital has bought $25 million (Rs 183 crore) worth of secondary shares in Delhivery from an early investor, ahead of the logistics and supply chain provider’s plans to launch an initial public offering (IPO) in the next 12 to 15 months. It is the latest overseas fund to invest in the Gurgaon-based company. Delhivery became a unicorn in 2019 when it raised $413 million in a Series F round led by SoftBank Vision Fund, along with existing investors Carlyle Group and Fosun International. It was then valued at $1.5 billion. In a statement, Ravi Mehta, Founder and CIO of Steadview Capital, said, “We are excited to partner with the excellent management team of Delhivery, which is transforming the logistics industry in India across ecommerce and traditional industry verticals." “The company’s tech-centric approach has been a key enabler in ensuring faster delivery speeds, decreasing logistics costs, and increasing ecommerce adoption in the country over the last decade. We believe Delhivery is well-positioned to become the largest logistics company in India and is poised for a strong growth trajectory in the years to come,” he added. Sahil Barua, Founder and CEO of Delhivery, said, “We are delighted to welcome Steadview Capital onto our cap table. We’ve known Steadview and Ravi for quite some time, and it’s great to have them join us for this next phase of Delhivery’s journey. Steadview is a long-term investor and we see them playing a key role as Delhivery heads towards the public markets in the next 12-15 months.” At present, Delhivery has a nationwide network that touches over 17,500 pin codes and 2,300 cities. It offers a full suite of logistics services such as express parcel transportation, LTL (Less Than Truckload) and FTL (Full Truckload) freight, reverse logistics, cross-border, B2B and B2C warehousing, and technology services.