Logistics unicorn Delhivery has raised INR 558 Cr from Lee Fixel’s Addition LLC as part of its Series I round. According to MCA filings accessed by Inc42, the Gurugram-headquartered startup has allotted 146,961 Series I Compulsory Convertible Preference Shares (CCPS) to Addition LLC at a price of INR 37,900 per share.
This is the second investment in an Indian startup by Lee Fixel-led Addition, a $1.3 Bn venture capital fund launched last year. Addition invested $35 Mn in news platform aggregator Inshorts in September 2020.
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.
Delhivery’s fresh round comes on the heels of raising $100 Mn from global logistics giant FedEx. As part of the deal, FedEx Express will enter into a long-term commercial pact with Delhivery.
Also, Read This: Delhivery Has Secured a Fresh USD 100 mn Equity Investment From FedEx
The above-said round was supposed to be the final round for Delhivery before it files draft red herring prospectus (DRHP) with the Indian market regulator – a mandatory step required for a company to go for an initial public offering.
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. This round allowed Boston-headquartered investment firm Fidelity to join Delhivery’s cap-table, meaning holding a major stake in the startup.
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.
Delhivery was founded by Mohit Tandon, Sahil Barua, Bhavesh Manglani, Kapil Bharati and Suraj Saharan in 2011. It provides a full suite of logistics services such as express parcel transportation, LTL and FTL freight, reverse logistics, cross-border, B2B & B2C warehousing, end-to-end supply chain services and technology services. Its platform connects consigners, agents and truckers offering road transport solutions.
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.
Also, Read This: Delhivery Has Acquired Bengaluru-based Spoton Logistics To Bolster Its B2B capabilities
