Gurugram-based e-commerce logistics startup Delhivery is expected to raise around ₹3,200 crore ($450 million), in a fresh funding round from Japanese technology investor SoftBank Group Corp, as reported by Economic Times. The latest funding is expected to propel the logistics startup into the unicorn club.
According to reports, around ₹2,500 crore ($350 million) is expected to be infused into the logistics startup through SoftBank Vision Fund, while additional ₹700 crore ($100 million) is expected to come through a secondary transaction, further increasing SoftBank’s stake in Delhivery.
The reports have not yet been confirmed by either Delhivery or SoftBank.
The announcement is expected to be made next week, with SoftBank slated to become the largest shareholder in the startup, with a 32% stake.
Delhivery was founded by Sahil Barua, Mohit Tandon, Bhavesh Manglani, Suraj Saharan, and Kapil Bharati in 2011. It provides a technology platform to enable efficient end-to-end logistics solutions across different transportation modes with complete visibility.
In May 2017, Delhivery raised $30 million in a funding round from Fosun Group. The startup has raised more than $250 million, across multiple funding rounds, according to Crunchbase.
The news comes at a time when there are reports of SoftBank appointing Norwest Venture Partners’ Sumer Juneja, as its new Country Head for India.
Earlier in October this year, it was reported that SoftBank was looking to invest around $250 million in Delhivery. In the same month, there were also reports of SoftBank being in talks with FirstCry, along with Alibaba, to raise $200 million.
SoftBank has invested across different domains in a number of Indian startups including cab aggregator Ola, e-commerce giant Flipkart, digital payments startup Paytm, and online grocery startup Grofers, among many others.