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SoftBank fulfils its $350 million promise made to Delhivery

Mar 7, 2019 | Emerging Trends, India

SoftBank has completed its investment in logistics major Delhivery, having put in about $350 million into the Gurgaon-based company, in the process catapulting it into India’s growing list of startups with billion-dollar valuations.

According to documents filed by the company with the Registrar of Companies, and accessed by business signals provider paper, VC Delhivery has issued 1.23 million Series F compulsorily convertible cumulative preference shares (CCCPS) each at a premium of 20,063 to SoftBank, which has invested through its Cayman Islands-registered entity SVF Doorbell (Cayman).

The logistics company has also issued 158,831 Series-F CCCPS to bulge-bracket PE firm Carlyle Group, which is also an existing investor in the company, at the same premium per share. Carlyle Group has invested in Delhivery through its entity CA Swift Investments. Additionally, Fosun International, also an existing investor, has also participated in the latest round, subscribing to 63,532 Series-F CCCPS.

The latest round values Delhivery at a little over $1.6 billion, according to paper.VC, I am highlighting a significant jump in the valuation of the eight-year-old company. In its last round of funding, the company was valued at about $634 million.

ET was the first to report the negotiations between Delhivery, SoftBank and Carlyle Group in its editions dated October 4 and November 21. The investments had also received the necessary regulatory approvals from the Competition Commission of India (CCI) last month.

Delhivery also counts Chinese conglomerate Fosun International, New York-based Tiger Global Management, Nexus Venture Partners and Times Internet, the digital arm of the Times of India Group that publishes The Economic Times, among its list of backers.

As per the documents filed by the firm, SoftBank, which has invested through its $100-billion Vision Fund, and Carlyle Group will now hold 23.41% and 12.39% respectively in the company, which has emerged as the leading e-commerce-focused logistics company in the country.

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When contacted by ET, a SoftBank spokesperson declined to comment, while Delhivery did not respond to an email query.

Softbank’s investment in Delhivery also marks the interest by global investors in India’s venture capital-backed, technology-focused logistics sector. In January, XpressBees, the logistics company founded by the founders of omnichannel baby and mother care retailer FirstCry, was reported to have raised about $35 million from a subsidiary of China’s Alibaba Group.

Before that, Shadowfax raised $22 million in Series C round of funding led by NGP Capital.

“The logistics sector is hungry for capital. Interestingly, SoftBank’s investment in Delhivery does not change the equation, given that the sources of capital are far more diversified in this particular segment, compared to others,” pointed out Vivek Durai, cofounder, paper.vc.

Article Source: economic times

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