Supply Chain Startup Delhivery raises $277 million from Fidelity & Others

New age logistics and supply chain startup Delhivery has raised approximately $277 million, or more than Rs 2,000 crore, in a new funding round led by US-based Fidelity, with Singapore's sovereign wealth fund GIC also participating. Baillie Gifford of Scotland and Abu-Dhabi-based fund Chimera have joined as new investors in the Gurgaon-based company, which plans to go public next year.

According to a person familiar with the transaction, Fidelity has put in approximately $125 million, GIC has put in approximately $75 million, and the remaining capital has come from Ballie Gifford and Chimera.

Delhivery's post-money valuation has risen to nearly $3 billion, up from slightly more than $2 billion following a secondary investment from Steadview Capital in December 2020.

Earlier this week, the investment resolution was approved at a meeting.
In the filings, Delhivery stated that it had received new capital for business expansion, but did not elaborate.

Despite the fact that the filing did not explicitly state it, sources believe this could be the last "major fund-raise" before the company goes public. The company hopes to raise $650-$800 million from the market listing, for which it is in discussions with investment bankers including Citibank, Kotak Mahindra Capital, Bank of America Merrill Lynch, and Axis Capital.

The fundraise is expected to be primarily a secondary share sale, with some primary capital coming in to support the company's expansion plans. Among its notable investors are Japan's SoftBank, New York-based Tiger Global, Carlyle, and Canada's pension fund.