Softbank backed logistics startup Delhivery has raised $413 million in a funding round led by Softbank Vision Fund, the company stated on Sunday. It also said that its existing investors like Carlyle Group and Fosun International also took part in the funding round. Earlier, Softbank infused in $350 million in the rapidly growing Indian startup.
The company said it will be using fresh funds to expand its business and wants to increase its presence from 15,000 pin-codes to 20,000 pin-codes by the end of first quarter of 2020. Also the company will be using funds to expand its end-to-end supply chain to enterprises, customers and small businesses.
“We will be scaling up our newer warehousing and freight services through large investments in infrastructure and technology, and global partnerships in addition to improving the reach, reliability and efficiency of our transportation operations, and sharing these benefits with our customers and partners,” said Sahil Barua, chief executive, Delhivery.
Delhivery has been mushrooming rapidly with an annual growth rate of about 65%, with every fourth customer using online logistics services through its network. The company delivers over 5,00,000 parcels daily and total transaction since its inception in 2011 has crossed 450 million.
“Our investment in Delhivery reflects our focus on partnering with innovative market leaders,”said Munish Varma, partner, SoftBank Investment Advisers.
“Over the years, Delhivery has demonstrated industry-leading growth and emerged as the one-stop solution for e-commerce logistics,” he added.