startup funding

Delhivery Raising $115 Mn from CPPIB of Canada

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Image - delhivery.com

Third-party logistics firm Delhivery has raises US$115 Mn from Canada Pension Plan Investment Board (CPPIB). The investment was made through CPPIB’s Fundamental Equities Asia Group. CPPIB, which aims for fundamental research and investment in quality companies for the long term in Asia, reported several media outlets including Business Standard.

The fresh funding comes within a month after India’s competition watchdog CCI has approved stake acquisition by CPPIB in Delhivery.

Last month, CCI clears the acquisition of up to 8% equity stake in Delhivery through a secondary purchase from existing shareholders of the logistics firm by CPPIB, as per the notice submitted to the Competition Commission of India (CCI).

Following the investment, CPPIB will have one seat on Delhivery’s board of directors.

Delhivery, which operates in over 2,000 cities and towns, has so far raised a total of US$934 million and few thousand dollar short of becoming a ‘Unicorn Startup’, according to IndianWeb2.com estimates.

Deborah Orida, senior managing director and global head of active equities at CPPIB, said, “The continued strong growth of e-commerce has generated significant opportunities in India’s express logistics space for long-term investors such as CPPIB and we are pleased to partner with a market leader.”

CPPIB is also an investor in Edtech unicorn BBYJU’S, which had raised $400 million in funding from CPP Investment Board along with Naspers Ventures, General Atlantic and some existing investors in December last year.

Sahil Barua, founder and CEO of Delhivery, said, “Last year has been particularly exciting for us at Delhivery. We crossed 17,500 pin codes across India, launched three businesses, created over 10,000 jobs and delivered financial returns and liquidity for our early-risk investors, while bringing in an incredible set of patient partners who will continue to back us on our long-term ambition.”

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