Less than eight months after it raised $35 million.
By Raif Karerat
WASHINGTON, DC: E-commerce logistics company Delhivery announced Wednesday that it has raised a Series D round of $85 million, less than eight months after its $35 million series C.
The company’s fourth round of financing was led by Tiger Global Management with participation from returning investors Multiples Alternate Asset Management, Nexus Venture Partners, and Times Internet Limited, reported to TechCrunch.
“Delhivery has built its market-leading position by innovating extensively in its growing portfolio of commerce technologies while expanding its logistics infrastructure, fulfillment 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, a partner at Tiger Global, to Business Standard.
A company spokesperson stated Delivery intends to use its newest capital to shore up infrastructure and design services for e-commerce and verticals such as “hyper-local commerce,” reverse logistics, furniture, and grocery.
Standard reported the company is also expected to invest heavily in expanding the senior management team and has already brought in Sandeep Barasia from Bain & Company as well as Suraju Dutta, formerly of FedEx, as managing directors.
Delhivery currently employs 10,000 individuals in more than 200 cities and says that its 11 fulfillment centers cover more than one million square feet of warehouse space, which it plans to expand to 2.5 million square feet by the end of this year.
The startup — which was founded in 2011 by Sahil Barua, Mohit Tandon, Suraj Saharan, Bhavesh Manglani, and Kapil Bharati — handles over 3 million monthly transactions for more than 70,000 merchants, 1,500 e-commerce companies and 200 offline retailers across its network.
India’s e-commerce market is expected to grow to over $100 billion in 2020, up from $2.9 billion in 2013, according to Morgan Stanley, which makes it the fastest growing in the world.
“It is a privilege to be part of the evolving story of Indian e-commerce with Team Delhivery. Our ambition is to redefine the ecosystem allowing consumers, merchants, e-tailers and brands to transact seamlessly with each other through tailor-made solutions”, said Barasia.