Steadview invests $ 25 Mil in Delhivery through the secondary route

Delhivery raised $ 25 million in a secondary transaction from alternative asset management company Steadview Capital. Steadview bought shares of an early investor in the Gurugram-based logistics unicorn.

In September, Entrackr had reported that Delhivery made capital changes to facilitate the fundraising and offer exits to early supporters and promoters through a secondary transaction.

“We are delighted to welcome Steadview Capital to our table. We knew Steadview and Ravi (founder of Steadview) for quite some time, and it is great that they have accompanied 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 goes to the public markets in the next 12-15 months, ”said Sahil Barua, founder and CEO of Delhivery in a press release.

This is another secondary deal for Delhivery that has risen about $ 115 million of Canadian pension fund CPPIB instead of 8% interest in September 2019. Although the name of the early investor in the latest secondary agreement could not be ascertained, Fintrackr had deciphered the ownership structure of Delhivery after the restructuring of the capital.

Delhivery plans an initial public offering (IPO) for two to three years. In September, the chief commercial officer of the company SoftBank backed by Sandeep Barasia had said that they are waiting for the next rules on foreign listing but would prefer to list in India.

While Delhivery did not disclose its annual financial statement for FY20, its losses increased by 160% to Rs 1,781.03 crore in FY19 from Rs 684.45 crore in the previous fiscal year. During the period, the company’s revenue increased by only 58.2% to 1,694.97 crore from 1,073.64 crore in FY18.

Delhivery, which claims to have a network of over 17,500 pin codes and 2,300 cities, provides a full range of logistics services such as express parcel transportation, LTL and FTL freight, reverse logistics, cross-border, B2B & B2C storage, and technology services. Since its inception, it has completed more than 800 million transactions and it operates with more than 10,000 direct customers and more than 450 companies and brands.

With the investment in Delhivery, Steadview has added another unicorn in its portfolio that includes Ola, Unacademy, Dream11, Freshworks, Nykaa, Policybazaar, Zomato and Lenskart.

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