Global fund Steadview Capital believes that logistics startup
Delhivery is well-positioned to become the largest logistics company
in India.
Global fund Steadview Capital announced that it
has bought $25 million worth of secondary shares from an early
investor in logistics startup Delhivery.
In a statement,
Ravi Mehta, Founder and CIO of Steadview Capital, said, “We are
excited to partner with the excellent management team of Delhivery,
which is transforming the logistics industry in India across ecommerce
and traditional industry verticals.”
“The company’s
tech-centric approach has been a key enabler in ensuring faster
delivery speeds, decreasing logistics costs, and increasing ecommerce
adoption in the country over the last decade. We believe Delhivery is
well-positioned to become the largest logistics company in India and
is poised for a strong growth trajectory in the years to come,” he
added.
At present, Delhivery boasts of a nationwide network
that touches over 17,500 pincodes and 2,300 cities. It offers a full
suite of logistics services such as express parcel transportation, LTL
and FTL freight, reverse logistics, cross-border, B2B and B2C
warehousing, and technology services.
Sahil Barua, Founder and CEO of Delhivery, said, “We are delighted to
welcome Steadview Capital onto our cap table. We’ve known Steadview
and Ravi for quite some time, and it’s great to have them join us for
this next phase of Delhivery’s journey. Steadview is a long-term
investor and we see them playing a key role as Delhivery heads towards
the public markets in the next 12-15 months.”
Delhivery has
successfully fulfilled over 800 million transactions since inception
and today works with over 10,000 direct customers, including large and
small e-commerce participants, SMEs, and over 450 leading enterprises
and brands.
In August this year, Delhivery and Volvo
announced they were together to test and deploy Volvo FM 4×2 solution
for express operations, addressing challenges of quick delivery and
work on the cost efficiencies of services. This is a tractor-trailer
combination, especially curated for express cargo.
The new
fleet was inducted into Delhivery’s operations towards the end of 2019
and has operated successfully on long haul lanes for the past nine
months.