In yet another vote of confidence for India’s e-commerce market, logistics company Delhivery has scored a series D round of $85 million, less than eight months after its $35 million series C.
The latest round was led by Tiger Global Management with participation from returning investors Multiples Alternate Asset Management, Nexus Venture Partners, and Times Internet Limited.
Delhivery currently has 10,000 employees in more than 200 cities and says that its 11 fulfillment centers cover more than one million square feet of warehouse space, which it plans to increase to 2.5 million square feet by the end of this year.
The startup claims to be India’s top e-commerce fulfillment companies, processing over three million monthly transactions for 70,000 merchants, 1,500 e-commerce companies, and 200 offline retailers.
In a prepared statement, Delhivery said it will use its series D on infrastructure to serve different kinds of e-commerce companies and verticals, including hyperlocal commerce, furniture, and e-commerce, as well as extend its reach in rural areas of India.
Delhivery is the latest logistics-focused e-commerce startup to receive fresh funding in India. Others include grocery delivery service Peppertap, which is helmed by the founder of Nuvoex, a delivery service provider for major e-commerce companies like Snapdeal, Flipkart, and Jabong, and on-demand delivery service Grofers.
India’s e-commerce market is expected to grow to over $100 billion in 2020, up from $2.9 billion in 2013, according to Morgan Stanley, which makes it the fastest-growing in the world.
The country’s logistics networks, however, still have a lot of catching up to do, especially if companies want to reach customers outside of major cities. According to the Economic Times, e-commerce companies in India have to build their own infrastructure, as opposed to the government help Alibaba and their other counterparts in China have received. Many companies rely on third-party logistics providers, like Delhivery, but they have to grow fast in order to keep up with demand.
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