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| Image Credit: Delhivery |
As part of its Series I round, logistics unicorn Delhivery received INR 558 crore from Lee Fixel's Addition LLC. The Gurugram-based firm has allotted 146,961 Series I Compulsory Convertible Preference Shares (CCPS) to Addition LLC at a price of INR 37,900 per share, according to MCA records reviewed by Inc42.
Addition's investment is Lee Fixel's second in an Indian startup since launching the $1.3 billion venture capital firm last year. Inshorts, a news platform aggregator, received a $35 million investment from Addition last year.
Fixel, a frequent investor in Indian businesses, quit Tiger Global, a New York-based hedge fund, in 2019. He was the driving force behind Tiger Global's early investments in Flipkart, Ola, and Quikr.
Delhivery's new round follows a $100 million investment from FedEx, the world's largest logistics company. FedEx Express will sign a long-term commercial agreement with Delhivery as part of the contract. While FedEx Express will concentrate on international export and import services to and from India, Delhivery will sell FedEx Express international products and services in India as well as provide pick-up and delivery services throughout the country.
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The above-mentioned round was meant to be the last for Delhivery before it submits a draught red herring prospectus (DRHP) with the Indian market regulator, which is an essential step before a business can go public.
Delhivery secured $275 million in a Series H round led by Fidelity Management and Research Company, with participation from other public funds, in June of this year. The startup's valuation at the time was estimated to be over $3 billion. Fidelity Investments, based in Boston, was able to join Delhivery's cap-table, giving them a significant position in the company.
Mohit Tandon, Sahil Barua, Bhavesh Manglani, Kapil Bharati, and Suraj Saharan established Delhivery in 2011. It offers express parcel delivery, LTL and FTL freight, reverse logistics, cross-border, B2B and B2C warehousing, end-to-end supply chain services, and technology services, among other things.
Its platform connects shippers, agents, and drivers who provide road transportation services. Since its establishment, the company claims to have completed over 850 million transactions and works with over 10,000 direct customers, including SMEs and enterprises.
(Source: Inc42)
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