Delhivery confirms $275 mn in funding at $3 bn valuation

New Delhi, May 31 (SocialNews.XYZ) Supply chain services provider Delhivery on Monday confirmed that it has raised $275 million in a primary funding round led by Fidelity Management and Research Company.

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

The capital infusion comes in when the company has witnessed healthy revenue growth in FY21 despite the pandemic and is well poised on its path to profitability, it said in a statement.

"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," said Sahil Barua, Delhivery's co-founder and CEO.

Delhivery has completed 1 billion cumulative shipments in April.

Delhivery, a leading fulfillment platform for digital commerce, has raised about $1.23 billion to date.

Earlier this year, Delhivery announced to expand its footprint by opening two new tech offices in Bengaluru and Ahmedabad, that will take its workforce strength to more than 500 employees in the country.

It currently has more than 350 employees and centres in Gurgaon, Goa, and Hyderabad (in India), and Seattle in the US.

"The current expansion ensures we stay ahead of the curve with tech and data science being the core business differentiators," said Kapil Bharati, Co-founder and CTO, Delhivery.

Delhivery currently provides supply chain services at over 17,500 pin codes across 2,300 cities.

It works with over 10,000 direct customers, which includes large and small e-commerce participants, SMEs, and leading enterprises and brands.

Source: IANS