Logistics startup Delhivery Pvt. Ltd has raised Rs 200 crore ($30 million) from China’s Fosun International as part of a larger funding round, according to a press statement.
The round values the company at $650 million, The Economic Times reported. It didn’t specify where it got the information from but cited Delhivery CEO Sahil Barua as saying that the company continues to get most of its business from the e-commerce segment and has grown its non-ecommerce shipments from zero to double-digit percentages in the past year and a half.
Email queries sent to Delhivery and Fosun did not receive a response by the time of writing this article.
Fosun’s backing takes the total amount Delhivery has raised to Rs 855 crore, marking the largest funding round for an Indian logistics services provider focused on the growing e-commerce segment.
Delhivery was founded in 2011 by Sahil Barua, Mohit Tandon, Suraj Saharan, Bhavesh Manglani and Kapil Bharati. It has grown from a local on-demand delivery company to a full-fledged logistics services provider.
Delhivery, in May 2015, raised $85 million in a Series D round of funding led by Tiger Global with participation from existing investors Multiples Alternate Asset Management, Nexus Venture Partners and Times Internet Ltd. It previously raised close to $40 million in various rounds from a number of investors after raising its first funding round from Times Internet in 2012.
In March, Fosun had participated in online travel search engine ixigo’s $15 million Series B funding round, which was led by Sequoia Capital.
Tiger Global is also an investor in business-to-business logistics startup BlackBuck, which raised $70 million in a Series C funding round.
Another competitor in this segment is Rivigo, a Gurgaon-based logistics services provider operated by TrucksFirst Services Pvt. Ltd, which secured $75 million from private equity firm Warburg Pincus in a Series C round in November last year.