[Funding alert] Lee Fixel's Addition invests $125M in logistics unicorn Delhivery
Logistics unicornon Friday announced that it received an investment of $125 million from Lee Fixel’s venture capital firm, Addition. The VC firm is the latest global fund to invest in the logistics company, following earlier rounds from other marquee global investors.
Lee remains a long-term backer of Delhivery and has been investing and re-investing in the company since 2015.
In a press statement, Sahil Barua, CEO, Delhivery, said,
“We have a long-standing relationship with Lee and are delighted to welcome him to our cap table again. This investment reinforces the trust that institutional investors have placed in Delhivery and is a validation of the strength of our business.”
In June 2021, the Gurugram-based logistics unicorn had raised $275 million in its Series H round led by Boston-headquartered investment firm Fidelity Management and Research Company, among other leading public market funds.
Lee Fixel, Founder of Addition, said, “Delhivery has established a market-leading position by innovating across the logistics space and has attracted several marquee investors. We are pleased to continue to support Delhivery and its new logistics SaaS, which is well-positioned to transform the global supply chain and logistics markets.”
A third-party logistics service provider, Delhivery was founded in 2011 by Sahil Barua, Bhavesh Manglani, Kapil Bharati, Suraj Saharan, and Mohit Tandon.
With its nationwide network extending beyond 19,000 pin codes and 2,500 cities, the startup provides a full suite of logistics services, such as express parcel transportation, LTL and FTL freight, reverse logistics, cross-border, B2B and B2C warehousing, end-to-end supply chain services, and technology services.
Its platform connects consigners, agents, and truckers offering road transport solutions.
The company has stated it has successfully fulfilled over one billion shipments since inception and today works with over 17,000 customers, including large, and small ecommerce participants, SMEs, and other enterprises and brands.