Ahead of its initial public offering (IPO) this year, supply chain services provider Delhivery has reportedly raised $277 million in its latest round of funding, taking its market valuation to nearly $3 billion. According to a TechCrunch report, Delhivery disclosed the finding in its latest regulatory filing that has been led by US-headquartered investment firm Fidelity.
Other investors reportedly are "Singapore's sovereign wealth fund GIC, Abu Dhabi's Chimera and UK's Baillie Gifford". When contacted, Delhivery refused to comment on the funding at the moment.
Delhivery, fulfillment platform for digital commerce, has raised about $1.23 billion to date. Earlier this year, Delhivery announced plans to expand its footprint by opening two new tech offices in Bengaluru and Ahmedabad, which will take its workforce strength to more than 500 employees in the country. In a statement, the company said that the new recruitments would happen across technology, product, and data science functions by the next fiscal year.
"The current expansion ensures we stay ahead of the curve with tech and data science being the core business differentiators," said Kapil Bharati, Co-founder and CTO, Delhivery. "Bengaluru has a great talent pool, and we want to tap into that. With Ahmedabad, we are further expanding into non-metro cities and will continue to add more in the future," he added.
It currently has more than 350 employees and centres in Gurgaon, Goa, and Hyderabad (in India), and Seattle in the US. Delhivery currently provides supply chain services at over 17,500 pin codes across 2,300 cities.
It is said to have fulfilled over 850 million transactions since inception and works with over 10,000 direct customers, which includes large and small e-commerce participants, SMEs, and leading enterprises and brands. Bharati said that the fast spread of COVID-19 and initial nationwide lockdowns posed serious challenges and uncertainties in their supply chain network.
"Our technology stack acted as a significant differentiator during the time, enabling us to answer critical questions such as what essential and non-essential goods could move where, and how," he added.