E-commerce logistics firm SSN Logistics Pvt. Ltd, which runs its operations under the banner of Delhivery, has raised $35 million (around Rs 212 crore) in a Series C round led by private equity firm Multiples Alternate Asset Management. Existing investors Nexus Venture Partners and Times Internet also participated in the round.
VCCircle had first reported last month that Multiples PE is in talks to invest in Delhivery.
Delhivery was formed in 2011 as an express logistics services firm in Delhi by five co-founders—Sahil Barua, Mohit Tandon, Suraj Saharan, Bhavesh Manglani and Kapil Bharati. It offers last-mile delivery, third-party and transit warehousing, reverse logistics, payment collection, vendor-to-warehouse and vendor-to-customer shipping.
The firm plans to use the funds to further expand its network, fulfilment space and technology portfolio. It is currently present in 180 towns and cities and expects to expand this to over 250 by the end of this year. This year, the firm expanded its presence across the Middle East and South Asia.
"This round of financing will be used to invest in our growing portfolio of commerce technologies and towards expanding our logistics infrastructure, fulfilment and transportation services," said Sahil Barua, CEO & Co-founder, Delhivery.
"Delhivery has the right ingredients to build a highly differentiated logistics company that could expand beyond being a critical service provider for online retailers, into also becoming a strategic partner in fulfilling the online aspirations of many brick-and-mortar businesses”, said Sudhir Variyar, Managing Director at Multiples. "What impressed me most about Delhivery, was the consistent endorsement from the largest ecommerce players about the ability of Delhivery in understanding and suitably innovating to meet the unique requirements of the rapidly growing and evolving e-tailing industry”, said Abhi Dhall who led the diligence from Multiples.
In September last year, it raised around $5 million from Nexus Venture Partners in its Series B round after having raised an undisclosed sum from Times Internet earlier in 2012.
Mumbai-based Avendus Capital advised Delhivery on the latest transaction.
(Edited by Joby Puthuparampil Johnson)