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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Delhivery funding news
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.