Steadview Capital Pumps $25 Mn In Delhivery Steadview bought $25 million worth of secondary shares from an early investor in the courier platform
By Prabhjeet Bhatla •
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Global fund Steadview Capital said on Tuesday to have invested in the supply chain company Delhivery. Steadview bought $25 million worth of secondary shares from an early investor in the courier platform.
"We are excited to partner with the excellent management team of Delhivery, which is transforming the logistics industry in India across e-commerce and traditional industry verticals. The company's tech-centric approach has been a key enabler in ensuring faster delivery speeds, decreasing logistics costs, and increasing e-commerce adoption in the country over the last decade," commented Ravi Mehta, founder, and chief information officer, Steadview Capital, while speaking about the investment.
With its nationwide network extending beyond 17,500 PIN codes and 2,300 cities, the company provides a suite of logistics services such as express parcel transportation, LTL and FTL freight, reverse logistics, cross-border, B2B, and B2C warehousing, and technology services.
"We believe Delhivery is well-positioned to become the largest logistics company in India and is poised for a strong growth trajectory in the years to come," Mehta further shares.
It aims at delivering approval to its customer's doorstep, in the least amount of time. Apart from domestic shipments, it offers services for reverse logistics and International shipments and maintains that it further caters to the needs of various diverse e-commerce businesses in India through its services such as Delhivery Express.
"We are delighted to welcome Steadview Capital onto our cap table. We've known Steadview and Ravi for quite some time, and it's great to have them join 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 heads towards the public markets in the next 12-15 months," added Sahil Barua, founder, and chief executive officer, Delhivery, in the following statement.
The courier service platform claims to have fulfilled over 800 million transactions since inception and today works with over 10,000 direct customers, including large and small e-commerce participants, SMEs, and over 450 leading enterprises and brands. Whereas DHL offers express delivery services. For its domestic shipments, DHL operates under the brand BlueDart and claims to not just ship in India but also to 220 countries in the world and races with courier services like FedEx, Gati, Shiprocket, XpressBees, and DotZot in India.
Along with Delhivery, Steadview's portfolio includes Dream11, Freshworks, Lenskart, Nykaa, Ola, Policybazaar, UC, Unacademy, Zenoti, and Zomato among others.
