Brief: Delhivery raises $277m in pre-IPO round

• Indian food delivery app-turned-logistics platform Delhivery has raised $277 million funding in preparation for an IPO which is slated to take place next year, according to Entrackr.
• US investment giant Fidelity led the pre-IPO round, with Singapore sovereign wealth fund GIC, UAE firm Chimera Investment, and the UK’s Baillie Gifford also participating.
• The Gurgaon-based startup is reportedly valued at $3 billion, and counts the SoftBank Vision Fund, the Canada Pension Plan Investment Board, and Tiger Global Management among its earlier investors.

Why it matters:

Delhivery was launched in 2011 as a restaurant delivery app, later broadening its horizons to other areas of e-commerce including groceries, furniture, and branded goods. The startup transitioned its business, focusing on the creation of a ‘full stack’ logistics and fulfillment platform for e-commerce, B2B, and cross-border trade.

Last year, during the early months of the Covid-19 pandemic, it re-entered the food delivery segment, partnering with cloud kitchens and also offering rapid last-mile delivery of groceries and pharmaceuticals.

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Delhivery claims to have fulfilled over 800 million orders since its establishment and today operates in close to 17,500 zipcodes across India, which it says makes it the “largest independent” B2C logistics provider in the country.