Delhivery on Tuesday announced that in the coming 12-15 months it is going to head towards the public markets. It also said Steadview Capital has bought $25 million (about Rs 184 crore) worth of secondary shares from one of its early investors. The logistics firm, however, did not name the investor.
“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 founder and CEO Sahil Barua said in a statement.
In 2019, Delhivery had announced raising more than $400 million (Rs 2,766.82 crore) in a financing round led by SoftBank Vision Fund. Its investors also include Carlyle Group and others.
Delhivery, which covers 2,300 cities, provides 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.
Steadview Capital founder and CIO Ravi Mehta said Delhivery’s tech-centric approach has been a key enabler in ensuring faster delivery speeds, decreasing logistics costs, and increasing e-commerce 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.