Delhi based e-commerce logistics services company, Delhivery has secured USD 35 million in Series C led by Multiples Alternate Asset Management. The existing investors Nexus Venture Partners and Times Internet also participated in the round. Recently, it had received USD 5 million in Series B funding. The company provides logistics services such as inventory management, cash on delivery, warehousing, last mile delivery and tracking etc.
It aims to utilize the raised funds to further expand its network, fulfillment space and technology portfolio, as per an Economic Times report. Launched in 2011, it is present in 260 town and cities across the country. It was started by a group of engineers including Amit Prakash, Ambasta, Bhavesh Manglani, Kapil Bharati, Mohit Tandon, Sahil Barua and Suraj Saharan. Currently, the firm handles 51,000 products per day, over 70,000 transactions for 25,000-plus merchants, 800 e-commerce companies and 80 offline retailers with 640 clients and 12,000 sellers.
Recently Delhivery was in news for acquiring cash collection service ‘Gharpay’ which had 750 current clients for an undisclosed amount of funds. It had previously also raised investments from Times Internet Ltd against minority stake in it and handles the major portion of Indiatimes shopping drop shipping model.
Firms dealing in the same space include EcomExpress, Holisol, DotZot etc. and recently, India Post had also revealed its plans to provide logistics to e commerce players. Players like Deutsche Post DHL (DPDHL) are also piloting their logistics services in India and plans to invest around INR 800 crore in Indian e-commerce business including express (small parcel transportation), aviation, e-commerce and warehousing, in the next two years.
Delhivery expects its top-line to touch Rs 220 crore at the end of the current fiscal. For the financial year ended March 2014, it posted revenue of Rs 62 crore.