Logistics startup Delhivery has raised $275 million in primary funding round, led by Fidelity Management and Research Company. The Series H pre-IPO round also saw participation from other public market investors, however, the firm did not disclose their names.

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The fresh capital will push Delhivery's valuation to over $3 billion, the company said in a statement. Last year in December, Delhivery was valued at $2 billion after it raised $25 million from Steadview capital.

"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.

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Barua also added that the investment coincides with two other significant milestones as Delhivery – will celebrate its 10th anniversary this month and since its inception, it has completed 1 billion cumulative shipments in April 2021. American investment bank Citi acted as the sole financial advisor to Delhivery on this transaction.

The capital infusion comes in when the company has witnessed healthy revenue growth in 2020-21 despite the pandemic. Delhivery is currently working with over 15,000 direct customers, including large & small e-commerce participants, SMEs, and over 500 leading enterprises & brands.

(Edited by : Pranati Deva)

First Published:Jun 1, 2021 10:37 AM IST