Delhivery looking at IPO in next 12-15 months; raises $25 mn from Steadview

Supply chain company Delhivery said it will head towards the public markets in the next 12-15 months

Supply chain company Delhivery on Tuesday said it will head towards the public markets in the next 12-15 months.

It also said Steadview Capital has bought USD 25 million (about Rs 184 crore) worth of secondary shares from one of its early investors. The logistics firm, however, did not name the investor.

"We are delighted to welcome Steadview Capital onto our cap table. We've known Steadview and Ravi for quite some time, and it's great to have them join us for this next phase of Delhivery's journey.

"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," Delhivery founder and CEO Sahil Barua said in a statement.

Last year, Delhivery had announced raising more than USD 400 million (Rs 2,766.82 crore) in a financing round led by SoftBank Vision Fund. Its investors also include Carlyle Group and others.

Delhivery, which covers 2,300 cities, provides a full suite of logistics services such as express parcel transportation, LTL and FTL freight, reverse logistics, cross-border, B2B and B2C warehousing, and technology services.

Delhivery has fulfilled over 800 million transactions since inception and currently works with over 10,000 direct customers, including large and small e-commerce participants, SMEs, and over 450 enterprises and brands.

Steadview Capital founder and CIO Ravi Mehta said Delhivery's tech-centric approach has been a key enabler in ensuring faster delivery speeds, decreasing logistics costs, and increasing e-commerce adoption in the country over the last decade.

"We believe Delhivery is well-positioned to become the largest logistics company in India and is poised for a strong growth trajectory in the years to come," he added.

Steadview's portfolio includes Dream11, Freshworks, Lenskart, Nykaa, Ola, Policybazaar, UC, Unacademy, Zenoti and Zomato, among others.