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Steadview invests $25 Mn in Delhivery

Saransh Pandey

Intern
  • December 15, 2020
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    Delhivery made capital changes to facilitate the fundraising and offer exits to early backers as well as promoters through a secondary transaction.

Delhivery has collected up to $25 million through a secondary transaction from alternative asset management firm Steadview Capital. Steadview has bought shares from one of the early investors in the startup. Delhivery made capital changes to facilitate the fundraising and offer exits to early backers as well as promoters through a secondary transaction. 

Sahil Barua, founder, and CEO of Delhivery said that it’s great that Steadview Capital has joined hands with the startup for this next phase of Delhivery’s journey. He said that Steadview is a long-term investor and they see them playing a key role as Delhivery heads towards the public markets in the next 12-15 months.  

This will be another secondary deal for Delhivery, which had earlier raised $115 million from Canadian pension fund CPPIB in lieu of an 8% stake in September 2019.  While the name of the early investor in the latest secondary deal is still not declared. 

Delhivery has been planning an initial public offering (IPO) for two-three years. In September, Sandeep Barasia company’s chief business officer had said that they are waiting for the upcoming rules on the foreign listing but would prefer to list in India. Delhivery has not disclosed its annual financial statement for FY20. But in the previous fiscal its losses surged by 160% to Rs 1,781.03 crore in FY19 from Rs 684.45 crore. During the period, the company’s revenue increased only by 58.2% to Rs 1,694.97 crore from Rs 1,073.64 crore in FY18. 

Delhivery, which claims to have a network beyond 17,500 pin codes and 2,300 cities, provides a full suite of logistics services such as express parcel transportation, LTL and FTL freight, reverse logistics, cross-border, B2B & B2C warehousing, and technology services. Since its inception, it has fulfilled over 800 million transactions and it works with over 10,000 direct customers and over 450 enterprises and brands. 

With the investment in Delhivery, Steadview has added another unicorn in its portfolio which includes Ola, Unacademy, Dream11, Freshworks, Nykaa, Policybazaar, Zomato, and Lenskart. 

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