Delhivery raises $277 million ahead of IPO

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India’s largest independent e-commerce logistics startup, Delhivery has raised $277 million in what is expected to be the final funding round before the firm files for an IPO later this year, says a company release.

In a regulatory filing, the Gurgaon-headquartered startup disclosed it had raised $277 million in a round led by Boston-headquartered investment firm Fidelity. Singapore’s sovereign wealth fund GIC, Abu Dhabi’s Chimera, and UK’s Baillie Gifford also participated in the new round.

The new round valued the 10-year-old startup at about $3 billion. Delhivery — which also counts SoftBank Vision Fund, Tiger Global Management, Times Internet, The Carlyle Group, and Steadview Capital among its investors — has raised about $1.23 billion to date.

Delhivery began its life as a food delivery firm, but has since shifted to a full suite of logistics services in over 2,300 Indian cities and more than 17,500 zip codes.

It is among a few startups attempting to digitize the demand and supply system of the logistics market through a freight exchange platform.

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