Delhivery, an e-commerce enablement business, today announced that it has closed a $35 million round of funding. TheSeries C investment has been led by Renuka Ramnath-led private equity firm Multiples Alternate Asset Management. Existing investors, Nexus Venture Partners and Times Internet Limited also participated in the round. The company raised its Series A round from Times Internet Limited in April 2012 and Series B from Times Internet Limited and Nexus Venture Partners in September 2013 (read their growth story). Sahil Barua, CEO and co-founder of Delhivery says,
We are delighted to welcome Multiples to the Delhivery team. Our focus is to create outstanding consumer experiences by enabling e-commerce for online retailers, small and medium enterprises and traditional brick-and-mortar retailers.This round of financing will be used to invest extensively in our growing portfolio of commerce technologies and towards expanding our logistics infrastructure, fulfilment and transportation services.
Delhivery started as a transportation services provider in 2011, now provides a range of products and services for business looking to go online including online channel integration services, strategic sourcing, catalogue management, inventory management and analytics along with multi-city fulfillment, express transportation and reverse logistics. With presence in 180+ cities already, the company now plans to expand its network to over 250 cities by the end of this calendar year.
Talking about the investment, Sudhir Vriyar, MD at Multiples says, "Underlying this investment is our strong belief in Sahil and the founding team's DNA of technology and the execution focus that they have demonstrated. Delhivery has the right ingredients to build a highly differentiated logistics company that could expand beyond being a critical service provider for online retailers, into also becoming a strategic partner in fulfilling the online aspirations of many brick-and-mortar businesses.”
With a rapidly growing team of over 4000 employees, Delhivery handles over 70,000 transactions for 25000+ merchants, 800 e-commerce companies and 80 offline retailers across its network. The company expects to double volumes by the end of the financial year.