Gurgaon-based logistics startup Delhivery on Monday announced that it had raised $275 million in its Series H round led by Boston-headquartered investment firm Fidelity Management and Research Company. The round also saw participation from other leading public market funds.

With the fresh capital, Delhivery’s valuation is expected to rise to over $3 billion, the company said.

Citi acted as the sole financial advisor to Delhivery on this transaction, it stated.

Sources said this could be the last ‘major fund-raise’ before it goes public, even though the official release did not explicitly say so.

Speaking about the new development, Sahil Barua, Co-founder and CEO at Delhivery, said,

“We are delighted to welcome Fidelity and our other new investors to our cap-table. This round of financing significantly strengthens our balance sheet and is a statement of confidence as we plan to go public.”

He added that the investment coincides with two other significant milestones: Delhivery completed one billion cumulative shipments till date in April 2021 and will be 10 years old in June 2021.

The capital infusion comes in at a time when the company witnessed healthy revenue growth in FY21 despite the pandemic and is well poised on its path to profitability.

A third-party logistics service provider, Delhivery was founded in 2011 by Sahil Barua, Bhavesh Manglani, Kapil Bharati, Suraj Saharan, and Mohit Tandon.

With its nationwide network extending beyond 19,000 pin codes and 2,500 cities, the company provides a full suite of logistics services such as express parcel transportation, LTL and FTL freight, reverse logistics, cross-border, B2B and B2C warehousing, end-to-end supply chain services, and technology services.

Its platform connects consigners, agents, and truckers offering road transport solutions.

The company website’s claims that the platform works with over 10,000 direct customers, including large and small ecommerce participants, SMEs, and over 500 leading enterprises and brands.