Lee Fixel’s new fund Addition invests over $75 mn in IPO-bound Delhivery


Ahead of its proposed initial public offering (IPO), logistics platform Delhivery has raised over $75 million in funding from Lee Fixel’s venture capital firm Addition.

According to filings accessed by VCCircle, Addition has put around Rs 558 crore ($76.4 million) by subscribing to 1,46,961 compulsorily convertible preference shares (CCPS). The allotment was made in September this year. It couldn’t be immediately ascertained if other investors have also participated during the same round.  

The logistics firm had secured a much larger cheque early this year. In May, it mopped up nearly $277 million (Rs 2008.6 crore then) from a group of investors led by US investment firm Fidelity.  

Singapore sovereign wealth fund GIC, which invested through its unit Gamnat Pte, Abu Dhabi based private investment firm Chimera Investment LLC and UK’s Baillie Gifford, which invested through Pacific Horizon Investment Trust, had also participated in the same round.  

It had also raised $25 million from alternative investments firm Steadview Capital in a secondary transaction in December 2020. At the time Delhivery CEO Sahil Baruah said that the company was looking to go public in 12-15 months.  

Backed by Japanese technology conglomerate SoftBank, Delhivery was founded in 2011 as a hyperlocal logistics company. It earlier operated as SSN Logistics Pvt. Ltd, providing local on-demand services and then grew to a full-fledged logistics player. At present, it commands a significant market share in the business-to-consumer eCommerce logistics space, though its business-to-business service contributes to nearly 80% of its revenues.  

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