OCTOBER 25, 2017Article Originally Posted By: www.vccircle.com
William Tang, chairman of China-based Fosun Capital Investment & Management Co, Ltd, has joined the board of Gurgaon-based ecommerce logistics firm Delhivery Pvt. Ltd, a person privy to the development told VCCircle.
Tang joined Delhivery’s board in September, said the person cited above.
The development comes around four months after Delhivery secured $30 million (Rs 200 crore) from Fosun. The funding was part of a larger $130 million round that also saw the participation of Carlyle Group and existing investor Tiger Global.
E-mail queries sent to Delhivery and Fosun did not elicit a response.
Tang, who is also known as Tang Bin, has been part of the Fosun’s investment arm since 2003 and is senior vice president and global partner at the Fosun group, according to the firm’s website.
An alumnus of China Europe International Business School, Tang is also co-chairman and president of China Momentum Fund, the investment vehicle that funded Delhivery.
Delhivery is one of the significantly funded Indian logistics startups, having raised a total of over $250 million (about Rs 1,628 crore) from the likes of Fosun, Tiger Global, Carlyle Group, Nexus Venture Partners, Multiples Equity and Times Internet.
Delhivery was founded in 2011 by Sahil Barua, Mohit Tandon, Suraj Saharan, Bhavesh Manglani and Kapil Bharati. It has grown from a local on-demand delivery firm to a full-fledged logistics services provider. Its services include express parcel and freight delivery, multi-channel order fulfillment, channel management and integration as well as reverse logistics.
The company’s services have been used by over 2,500 Indian e-commerce companies, 100,000 SMEs and 150 enterprise clients, it claims. Delhivery has operations in 950 cities, reaching to around 9,250 pin codes across India.
Earlier this week, VCCircle reported that Flipkart group CEO Binny Bansal had joined the board of Bengaluru-based business-to-business logistics startup BlackBuck.