Avendus Capital advises Delhivery on a USD 130 million primary transaction with Carlyle, Fosun and existing investor, Tiger Global.

Service

Private Equity

Sector

Consumer, FIG & Business Services, Digital & Technology

Date

May 2017

Deal Value

USD 130 million

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Delhivery Private Limited has completed a USD 130 Mn primary fundraise. Tiger Global, the existing investor, invested in Delhivery along with two new investors – Carlyle and Fosun. Carlyle is an American multinational private equity firm and Fosun is a Chinese international conglomerate and investment company.

Avendus Capital was the exclusive financial advisor for this transaction.

Founded in 2011, Delhivery started operations by providing express delivery for e-commerce clients. Since then it has grown to become one of India’s largest third party logistics solution providers. Its services include express parcel delivery (domestic and cross-border), freight (LTL and FTL), multi-channel order fulfillment, channel management & integration and reverse logistics.

The company uses technology and data sciences to provide fulfillment solutions to over 2,500 e-commerce companies, 100,000 SMBs and 150 enterprise customers in India. It is present in over 950 cities and 9,250 pin codes through its network.

Neeraj Bharadwaj, Managing Director of the Carlyle Asia buyout team, said, “We have been very impressed with Delhivery’s management team and the company’s strong execution capabilities, leveraging its extensive network and proprietary technology platform. We are delighted to partner with the management and expect to leverage our global experience in the logistics sector to assist the company with operational improvements and business expansion.”

“We see significant potential for technology-enabled logistics in the country with the growth of e-commerce as well as increasing customer focus on on-time delivery and service levels. Delhivery, with its industryleading service metrics and cost efficiency, is well-positioned to benefit from these future growth opportunities,” he added.

Tej Kapoor, Partner at Fosun Kinzon Capital said, “Delhivery has enjoyed great success over the last six years and we are truly excited to partner with them through their unicorn journey. Delhivery’s stellar management team has led the company to become India’s leading e-commerce logistics play and we look forward to exploring the infinitely bigger opportunities ahead.”

Commenting on the transaction, Abha Agarwal, Director at Avendus Capital said, “A large investment by globally renowned names Carlyle and Fosun along with additional infusion by existing investor Tiger Global, is testament to the potential of this industry and of the superb team the promoters have put together.”

About Avendus Capital Pvt. Ltd. (“Avendus Capital”)

The Avendus Group (Avendus) is a leading provider of financial services with an emphasis on customized solutions in the areas of Financial Advisory, Wealth Management, Structured Credit Solutions and Alternative Assets Management. Avendus relies on its extensive experience, in-depth domain understanding and knowledge of the regulatory environment, to offer customized solutions that enable clients to meet their strategic aspirations. Avendus Capital has consistently been ranked among the leading financial advisors by overall number of deals. It has a strong track record of cross-border transactions and has helped multiple clients benefit from opportunities across geographies. Avendus’s wide range of clients is testimony to its ability to serve its corporate clients throughout their life cycle – from growth stage funding to complex, large sized transactions later in the cycle.

Avendus Capital Inc. and Avendus Capital (UK) Pvt. Ltd. located in New York and London respectively are wholly owned subsidiaries offering M&A and Private Equity syndication services to clients in the respective regions.

For more information, please visit www.avendus.com

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