[Funding alert] Delhivery raises $76.4M from Lee Fixel’s firm – Addition
Logistics startup Delhivery raised this capital from Lee Fixel's Addition as part of its Series I round, and is seen as a precursor to its planned IPO.
, the logistics unicorn has raised $76.4 million in funding from Addition, the firm founded by the high profile startup investor Lee Fixel.
According to regulatory filings, the funds raised by Delhivery is part of its Series I round of funding. This development comes after the company had raised $100 million from Fedex in July this year.
The coming in of Lee Fixel will be a big boost for Delhivery as it is expected to come out with its initial public offering (IPO) issue soon and joins the list of other Indian startups that are going this route.
Lee Fixel, who was earlier with Tiger Global, is famed for his early bets into startups such as Flipkart and Ola. He left Tiger Global in 2019 and founded Addition in 2020. He has backed startups such as Inshorts and neobank Jupiter.
Over the last ten years, Gurugram-headquartered Delhivery cumulatively raised $1.3 billion till now. It had raised $277 million from American investment firm Fidelity in June of this year at a reported valuation of $3 billion.
Delhivery had also announced the acquisition of Bengaluru-based Spoton Logistics for an undisclosed value. Spoton operates a pan India network covering more than 300 locations and over 22,000 pin codes.
According to information on the Delhivery website, it has fulfilled over one billion orders. It has over 20 automated sort centres, more than 67 fulfilment centres, 68 hubs, and 2,300 delivery locations delivering over 1.5 million packages a day.
According to research reports, the Indian logistics market reached an estimated size of $215 billion in 2020, growing at a CAGR of 10.5 percent, with only about 15 percent representing the organised segment.
Delhivery brings in the technology heft to the entire operations, leading to higher efficiencies. Now, this 10-year-old startup plans to go public and will join the group of others such as Paytm, Nykaa, Policybazaar, and MobiKwik, who have announced their IPOs.
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Edited by Kanishk Singh