[Funding News] Logistics startup Delhivery raises $76.4M from Addition

Delhivery founder
Delhivery founder

As part of its Series I round, logistics startup Delhivery received this funding from Lee Fixel’s Addition, which is considered as a prelude to the company’s anticipated IPO.

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Addition, the firm formed by high-profile startup investor Lee Fixel, has invested $76.4 million in Delhivery, the logistics unicorn. The funds obtained by Delhivery are part of its Series I round of investment, according to regulatory documents. This comes after the business received a $100 million investment from FedEx in July of this year. The addition of Lee Fixel would be a significant boost for Delhivery, since it is anticipated to launch an initial public offering (IPO) soon, joining a growing number of Indian firms taking this route. Lee Fixel, who formerly worked at Tiger Global, is known for his early investments in firms like Flipkart and Ola. In 2019, he departed Tiger Global and launched Addition in 2020. He’s invested in companies including Inshorts and neobank Jupiter. Delhivery, based in Gurugram, has raised $1.3 billion in total over the previous ten years. In June of this year, it received $277 million from American investment company Fidelity at a stated worth of $3 billion.
Delhivery funding

Spoton Logistics, situated in Bengaluru, was also acquired by Delhivery for an unknown sum. Spoton has a network that spans India, with over 300 sites and over 22,000 pin codes.

According to the Delhivery website, the company has completed over one billion orders. It includes more than 20 automated sorting centres, 67 fulfilment centres, 68 hubs, and 2,300 delivery stations that distribute over 1.5 million items every day.

According to research studies, the Indian logistics market is expected to reach $215 billion in 2020, increasing at a CAGR of 10.5 percent, with organized logistics accounting for just around 15% of the market.

Delhivery adds technological heft to the whole business, resulting in increased efficiency. This 10-year-old firm now wants to go public, joining the ranks of Paytm, Nykaa, Policybazaar, and MobiKwik, who have already launched their IPOs.