Delhivery raises $125 mn from Lee Fixel’s VC firm Addition

Logistics and services company Delhivery announced on Friday that it has raised $125 million from venture capitalist Lee Fixel’s firm Addition. Addition is the latest global fund after a range of marquee global investors to invest in the company. Fixel has been a long-term backer of Delhivery and has been investing and re-investing since 2015, the company stated.

“We have a long-standing relationship with Lee and are delighted to welcome him to our cap table again. This investment reinforces the trust that institutional investors have placed in Delhivery and is a validation of the strength of our business,” said CEO Sahil Barua.

Fixel said that Delhivery has established a market-leading position by innovating the logistics space. “We are pleased to continue to support Delhivery and its new logistics SaaS, which is well-positioned to transform the global supply chain and logistics markets,” he said.

The company is reportedly planning to launch its initial public offering. According to reports, it is likely to file its draft red herring prospectus for a $1 billion IPO in October.

Delhivery focuses on end-to-end logistics and supply chain services across the country. It covers around 17,000 pin codes and offers services such as parcel transportation, LTL and FTL freight, reverse logistics, cross-border, B2B and B2C warehousing, end-to-end supply chain services, and technology services.

The company said that it has successfully fulfilled over 1 billion shipments since its inception in 2011 and works with 17,000 customers including large and small e-commerce participants, SMEs, and other enterprises and brands.

Delhivery has backers such as SoftBank Vision Fund, Carlyle Group, Tiger Global and Fosun International.

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