In March 2019, Fosun's portfolio company Delhivery Private Limited, one of the largest third-party logistics player in India has joined the unicorn club after its $413 million series F funding led by Softbank Vision Fund. Existing investors Carlyle and Fosun also participated in this round of financing. With this round of fundraise, Delhivery will expand its network coverage for express, Less-than-truckload(LTL) and fulfillment services, further strengthening its leading position in India's logistics sector. In addition, Delhivery will keep developing the new business, and strive to become a comprehensive integrated logistics service provider in India.
Founded in 2011, Delhivery provides complete end-to-end delivery services from fulfillment to last-mile delivery for over 4,000 Indian e-commerce companies and more than 10,000 SMEs with an on-time rate of 90%. Delhivery operates fully self-owned network to guarantee high level service. Delhivery owns one of the largest logistics network which has covered over 1,800 cities and nearly 14,000 pin codes in India. The company also provides warehouse management, LTL, FTL (Full-Truckload), cross-border delivery and other logistics services to e-commerce platforms and retail companies in India.
Fosun completed its first investment in Delhivery in May 2017, which was jointly propelled by China Momentum Fund L.P. under Fosun and Fosun RZ Capital, and funded by China Momentum Fund L.P.. Fosun's follow-up investment in this round shows that Fosun holds a positive view on the future development of India's e-commerce logistics sector as well as the company in the long term.
Since last investment, Fosun has leveraged its deep experience and rich resources in the Chinese logistics sector to help the company optimize its business model and logistics network. Fosun also supported Delhivery to build up China-India cross border service, which has facilitated many Chinese cross border e-commerce sellers into the Indian market, exporting quality products from China to India, and this new business has been treated strategically as one of the future priorities by the company's management.
Founded in 2011 and headquartered in Delhi, Delhivery is one of India's largest third-party logistics service provider. With its fully self-owned network, Delhivery provides comprehensive supply chain solutions from fulfillment to last-mile delivery services to over 4,000 Indian e-commerce companies and more than 10,000 SMEs with an on-time rate of 90%. Delhvery's logistics network covers more than 14,000 pin-codes and over 1,800 cities in India. It also operates 30 fulfillment centers with 160,000sqm storage space for B2C and B2B service, and has over 19,000 employees. As of now, Delhivery has been backed by global investors including Softbank, Tiger Global Management, Carlyle, Fosun, Multiples, Nexus Venture Partners and Times India.