[Funding alert] Steadview Capital buys $25M worth of secondary shares in Delhivery
Global fund Steadview Capital announced that it has bought $25 million worth of secondary shares from an early investor in logistics startup.
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.
At present, Delhivery boasts of a nationwide network that touches over 17,500 pincodes and 2,300 cities. It offers a full suite of logistics services such as express parcel transportation, LTL and FTL freight, reverse logistics, cross-border, B2B and B2C warehousing, and technology services.
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."
Delhivery has successfully fulfilled over 800 million transactions since inception and today works with over 10,000 direct customers, including large and small e-commerce participants, SMEs, and over 450 leading enterprises and brands.
In August this year, Delhivery and Volvo announced they were together to test and deploy Volvo FM 4x2 solution for express operations, addressing challenges of quick delivery and work on the cost efficiencies of services. This is a tractor-trailer combination, especially curated for express cargo.
The new fleet was inducted into Delhivery's operations towards the end of 2019 and has operated successfully on long haul lanes for the past nine months.