The investment was made through CPPIB’s Fundamental Equities Asia (FEA) Group, which performs fundamental research and invests in quality corporates for the long term throughout Asia.
Sahil Barua, Delhivery’s Founder & CEO said, “We are delighted to welcome CPPIB as a new partner for our next phase of growth alongside our existing partners. The last year has been particularly exciting for us at Delhivery. We have crossed 17,500 pincodes across India, launched three new businesses, created over 10,000 new jobs and delivered handsome financial returns and liquidity for our early risk investors, while bringing in an incredible new set of patient partners who will continue to back us on our long-term ambition of becoming the operating system for commerce in India.”
As part of the agreement, Delhivery’s board has to give one seat to CPPIB.
Delhivery, based out of Gurugram, was founded in 2011 by Sahil Barua, Mohit Tandon, Bhavesh Manglani, Suraj Saharan and Kapil Bharati. The company’s vision is to become the operating system for commerce in India, through a combination of world-class infrastructure, logistics operations of the highest quality and cutting-edge engineering and technology capabilities.
Whereas, CPPIB is one of the world’s largest retirement funds, is buying the shares from homegrown private equity firm Multiples Alternate Asset Management.
While, Alain Carrier, Senior Managing Director & Head of International, CPPIB stated, “CPPIB has been active on the ground in India for nearly a decade and we continue to pursue opportunities to invest in the country as part of our focus on emerging markets. In Delhivery, we have found a highly reputable partner who fits well with our focus on supporting high-growth businesses.”