Supply chain company Delhivery has said it will head towards the public markets in the next 12-15 months. It also said Steadview Capital has bought $25 million (about Rs 184 crore) worth of secondary shares from one of its early investors. The logistics firm, however, did not name the investor, according to a report by news agency PTI.
“We are delighted to welcome Steadview Capital onto our cap table. We’ve known Steadview and Ravi for quite some time, and it’s great to have them join us for this next phase of Delhivery’s journey. Steadview is a long-term investor and we see them playing a key role as Delhivery heads towards the public markets in the next 12-15 months,” Delhivery founder and CEO Sahil Barua said in a statement.
Last year, Delhivery had announced raising more than $400 million (Rs 2,766.82 crore) in a financing round led by SoftBank Vision Fund. Its investors also include Carlyle Group and others.
Delhivery, which covers 2,300 cities, provides a full suite of logistics services such as express parcel transportation, LTL and FTL freight, reverse logistics, cross-border, B2B and B2C warehousing, and technology services.
Delhivery has fulfilled over 800 million transactions since inception and currently works with over 10,000 direct customers, including large and small e-commerce participants, SMEs, and over 450 enterprises and brands.
Steadview Capital founder and CIO Ravi Mehta was quoted by PTI as saying that Delhivery’s tech-centric approach has been a key enabler in ensuring faster delivery speeds, decreasing logistics costs, and increasing e-commerce adoption in the country over the last decade.
In October this year, Delhivery had said it is geared up to ship 65 million to 75 million packages in the upcoming festive season — almost a 100 percent growth over the last year.
The company had said it would improve last-mile delivery capacity through its various partner programmes, on-boarding individual bikers, transporters, local kiranas, and businesses.
“Our overall physical footprint across India has doubled in the last one year to over 12 million sq ft, including the launch of mega trucking terminals in Bilaspur, Bhiwandi and Bengaluru ahead of the festive season,” Sandeep Barasia, Managing Director and Chief Business Officer at Delhivery had said then.