Steadview Capital invests in Delhivery ahead of proposed IPO

Indian logistics unicorn Delhivery has raised investment from Steadview Capital. The global investment firm has picked up $25 million worth shares in Delhivery through a secondary transaction.

With the investment, the co-founder of the logistics unicorn hinted that the startup would head towards an IPO soon. “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,” said Sahil Barua, founder and CEO of Delhivery.

Steadview Capital has also invested in other Indian unicorn startups such as Dream11, Nykaa, Ola, Unacademy, Policybazaar, Zomato, Lenskart among others.

“We are excited to partner with the excellent management team of Delhivery. The company’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. We believe Delhivery is well-positioned to become the largest logistics company in India and is poised for a strong growth trajectory in the years to come,” said Ravi Mehta, Founder & CIO of Steadview Capital.

The logistics startup had turned unicorn in 2019 after raising $395 million from SoftBank. The deal valued the company at $1.6 billion. Delhivery also has Tiger Global, Nexus Venture Partners, Chinese conglomerate Fosun International, US-based private equity firm Carlyle Group and Times Internet as its investors.

Founded in 2011 by Sahil Barua, Mohit Tandon, Suraj Saharan, Kapil Bharti and Bhavesh Manglani, the startup had managed to create a stronghold in India with its own fleet of vehicles and partnership with leading e-commerce unicorns like Flipkart and Paytm among others.

In a recent interview, Barua had said that the company processes over 1.5 million orders per day and had closed last year with a revenue of ₹2,800 crore.

Sandip Ginodia , CEO

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