[Funding] IPO-bound Delhivery closes Series-H funding at $275 mn; valuation crosses $3 Bn

Supply chain startup Delhivery has announced a fundraiser of $275 million in a primary Series-H round. Fidelity Management and Research Company led the round. Other leading public market funds also participated, the company said on Monday. With the fresh capital, Delhivery's valuation soared over $3 Billion. The capital infusion comes in when the company has witnessed healthy revenue growth in FY21 despite the pandemic. The IPO-bound startup states that it is well poised on its path to profitability.

“We are delighted to welcome Fidelity and our other new investors to our cap-table. This round of financing significantly strengthens our balance sheet. It is a statement of confidence as we plan to go public,” Sahil Barua, CEO and co-founder, said in a statement. He also added that the investment coincides with two other significant milestones. Delhivery completed One billion cumulative shipments in April 2021. The company also turns 10 years old in June 2021.

Citi acted as the sole financial advisor to Delhivery on this transaction, the company said.

Startups in a frenzy to go for an IPO

By March 2021, only two startups have gone for IPO – Nazara Technologies and EaseMyTrip. Delhivery has announced its plans to go for an IPO in early-2022. Meanwhile, Fintech startup Paytm has announced its plans to go for what could be the largest IPO in the Indian Stock Market, by November 2021. According to an Entracker report, Zomato has converted itself from a private company to a public limited company ahead of its IPO effective from April 9 onwards. Now, Zomato and Paytm are clear winners when it comes to buzz in the IPO direction. Nonetheless, a few more have joined the league.

In recent developments, PolicyBazaar and Nykaa will file for IPO in the latter half of 2021. Other than these startups announcing their IPO plans, Byju's, Pine Labs, Milkbasket, BigBasket, Ola, Freshworks, Pepperfry, Lenskart and Dream 11 also plan to go for a public listing in 2022-23.