In a new financing round led by Masayoshi Son's SoftBank Vision Fund, logistics company Delhivery raised $413 million. Existing investors Carlyle and Fosun also participated in the funding round, says a report in Business Today.
"We are glad to add SoftBank as a key partner, and further expand our partnership with Carlyle and Fosun as we build out our vision of creating the operating system for commerce in India," the company said in a statement.
"We will be scaling up our newer warehousing and freight services through large investments in infrastructure and technology and global partnerships in addition to improving the reach, reliability and efficiency of our transportation operations and sharing these benefits with our customers and partners," said Delhivery chief executive officer Sahil Barua.
"With the new infusion of funds, Delhivery plans to rapidly scale up its reach from 15,000 to 20,000 pin codes by the first quarter of the financial year 2019-20, aggressively grow e-commerce market share investment, and expand its end-to-end supply chain platform to enterprise customers and SMEs (small and medium enterprises)," the company added.
Delhivery was founded in 2011 by Sahil Barua, Mohit Tandon, Bhavesh Manglani, Suraj Saharan and Kapil Bharati. It operates in more than 1,200 cities across India, majorly providing services to e-commerce companies like Flipkart and Amazon to enhance their connectivity reach by providing them logistical support.
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