Delhivery snaps up $85 M in Series D funding led by Tiger Global and others
Gurgaon-based e-commerce fulfillment company Delhivery has raised $85 M in its Series D round 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 eight months after its $35 million Series C round which was led by Multiples Alternate Asset Management in September 2014.
The company will use capital to build infrastructure and design services for e-commerce, hyperlocal commerce, C2C commerce and other verticals with specialized requirements such as reverse logistics, furniture and grocery.
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.
Currently, Delhivery has over 10,000 employees in more than 200 cities along with nearly one 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.
"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.
At present, Delhivery handles over three million monthly transactions for 70,000 plus merchants, 1,500 e-commerce companies and 200 offline retailers across its network.
The India online retail market is growing at an explosive rate and research shows that it is projected to grow from $3 billion in 2013 to $ 23 billion by 2018. This opens up a huge demand for logistic services, offering tremendous opportunities for dedicated solutions providers like Delhivery, Ja Vas and Ecom Express.
Last year, e-commerce dedicated logistics solutions provider Ecom Express secured a fund of over Rs.100 crore from Peepul Capital. Delhivery competes with Ecom Express, Ja Vas along with traditional logistics companies fulfilling e-commerce logistics need.