Delhivery, a logistics startup has received an investment of $115 million (approximately Rs 825 crore) from Canada Pension Plan Investment Board (CPPIB). The information has been furnished to the media by the investor.
The vehicle used for making this investment is Fundamental Equities Asia Group. CPPIB gets to appoint one of its representatives on the board of Delhivery Pvt Ltd.
As per a VCCircle report, the investor has appreciated the efforts the startup has made in positioning itself in the logistics space to match with the growing ecommerce business that involves millions of deliveries across the country. CPPIB says it picks only high-quality companies for making its investments. This particular investment vehicle owned by the Canadian entity has its focus on Asia.
The founder, CEO of Delhivery, Sahil Barua has disclosed that this investment announcement by CPPIB coincides with a significant milestone for the startup, that of making 500 million deliveries. He has also said the long-term mission his company has is to emerge as the “operating system” for commerce in the country.
Founded in 2011, the logistics firm has had investments from many private equity investors, like Multiples Private Equity, Carlyle Asia Partners, Tiger Global Management and Nexus Ventures. Perhaps the largest tranche of investment in Delhivery came this March when SoftBank Vision Fund, Carlyle and China’s Fosun International had brought in together $413 million (Rs 2,890 crore).
There were reports earlier of Delhivery wanting to go public and possibly issue an IPO to raise funds. It appears the company has put off that plan for now and has decided to raise funds through the direct investment route.