TMT
By
Steadview Capital bets on Delhivery as early investor exits
Photo Credit: VCCircle

Alternative investment firm Steadview Capital has invested in logistics firm Delhivery Pvt. Ltd through a secondary transaction.

Steadview has bought shares worth $25 million (Rs 184 crore) in Delhivery from one of its early backers, as per a press statement.

The seller’s identity couldn’t be ascertained. Times Internet Ltd, Nexus Venture Partners and Multiples PE are some of Delhivery's early investors.

“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,” said Sahil Barua, CEO at Delhivery.

Delhivery has raised funding from a number of venture capital and private equity investors over the years. These include Multiples PE, Tiger Global Management, and China’s Fosun International.

Japanese conglomerate SoftBank Group Corp, through its Vision Fund, increased its stake in Delhivery in October 2019 through a secondary route. In September last year, Canada Pension Plan Investment Board invested $115 million in the company.

Delhivery was founded in 2011 by Sahil Barua, Mohit Tandon, Suraj Saharan, Kapil Bharti and Bhavesh Manglani. It earlier operated as SSN Logistics Pvt. Ltd, providing local on-demand services and then grew to a full-fledged logistics player.

Steadview makes long-term investments across several industries, with its investor pool including family offices, endowments, foundations, sovereign wealth funds and pension funds. Its India portfolio includes companies such as Ola, Ninjacart, Policybazaar, Lenskart and Quikr.

The firm’s most recent bets include investing $85 million in software-as-a-service unicorn Freshworks Inc for a minority stake.

The UK-based investor also infused around Rs 100 crore into beauty e-tailer Nykaa in March.

In February, it joined Tiger Global, WestBridge Capital and other investors in the $70 million Series C funding round of Noida- and San Francisco-based healthcare data analytics startup Innovaccer Inc.

Also in February, Steadview participated in a $75 million Series C funding round or digital payments firm BharatPe. The round was led by Coatue Management and Ribbit Capital.

Leave Your Comment(s)