SoftBank Vision Fund to increase stake in Delhivery by 3.28%

October 3, 2019: Japanese technology investor SoftBank Vision Fund will buy an additional stake of 3.28 percent in logistics start-up Delhivery, according to January filings by an affiliate of the fund with the Competition Commission of India (CCI). SoftBank already holds 22.44 percent majority stake in the Gurugram-based logistics provider.

Reports say SoftBank has sought final approval from the CCI. In October 2018, the multinational conglomerate holding company had invested $245 million in Delhivery.

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Earlier this year, Delhivery raised $413 million from SoftBank, along with existing investors Carlyle Group and China's Fosun International. This deal took its valuation to $1.5 billion, marking its entry into the Unicorn club. This made SoftBank the largest sharholder in Delhivery followed by Tiger Global Management and Nexus Venture Partners with 15.38 percent and 14.77 percent stake, respectively. The company’s other investor includes Times Internet.

In September, Canada Pension Plan Investment Board (CPPIB) invested $115 million in Delhivery, buying a eight percent stake from an existing investor in the company. The investment gave CPPIB one seat on Delhivery’s Board.

Delhivery was founded in 2011 by Sahil Barua, Mohit Tandon, Bhavesh Manglani, Suraj Saharan and Kapil Bharati. It operates in 2,000 cities and offers a full range of logistics services like express parcel transportation, freight, warehousing and technology services like real-time monitoring and control and fraud detection.

Delhivery recently became a member of pharmaceutical cross-industry initiative Pharma.Aero at the Global Pharma Logistics Summit 2019.