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Delhivery raises $30 million from Fosun International

E-commerce logistics services provider Delhivery has raised $30 million from Chinese conglomerate Fosun International. This additional investment is a part of the $100 Mn funding the company raised in March from The Carlyle Group, as indicated by ETTech. The company currently services 800 cities, 9000 pin codes with a network of 12 fulfilment centres. Delhivery claims it fulfils 10 million shipments a month. The report also states that this would be the last round of funding before the company goes public. In May 2015, the company had raised $85 million in a Series D round of funding led by Tiger Global Management and participation from existing investors including Multiples Alternate Asset Management, Nexus Venture Partners and Times Internet Limited. Delhivery had previously raised $35 million in a Series C round of funding led by Multiples Alternate Asset Management, and participation from investors Times Internet and Nexus Venture Partners. Prior to this, the platform had raised close to $5 million in Series B investment from Nexus Venture Partners in September 2013, and Times Internet had bought a minority stake in the company for an undisclosed amount in June 2012. Competition Delhivery competes with Gati’s e-commerce business, Gati e-connect. Note, in the last quarter Gati’s profit fell 40 per cent.  The company had stated stagnation in e-commerce growth and lingering effects of demonetization as the reason for the lower profits. During demonetization, Gati was forced to reduce the number of pin-codes it delivered to, fire people, and switch to digital payments. Cash…

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