NEW DELHI :
Canada Pension Plan Funding Board (CPPIB) has purchased an 8% stake in logistics corporate Delhivery Pvt. Ltd for $115 million from an present investor, the corporate stated on Monday. The identify of the vendor was once, alternatively, now not disclosed.
Canada’s greatest pension fund supervisor got the stake at a valuation of round $1.five billion, more or less the similar as its earlier spherical in March, an organization legit stated, inquiring for anonymity.
“The continuing sturdy development of e-commerce has generated important alternatives in India’s categorical logistics area for long-term traders akin to CPPIB, and we’re happy to spouse with a marketplace chief,” Deborah Orida, CPPIB’s senior managing director and international head of lively equities, stated in a observation. CPPIB gets one seat on Delhivery’s board.
The Pageant Fee of India had licensed the transaction closing month.
CPPIB invested in Delhivery thru its Elementary Equities Asia Team, which invests in Asian corporations for the longer term. “In Delhivery, we’ve got discovered a extremely respected spouse who suits neatly with our center of attention on supporting high-growth companies,” stated Alain Provider, senior managing director and head of world at CPPIB stated.
Different investments by way of CPPIB’s Elementary Equities Asia come with Kotak Mahindra Financial institution, Alibaba Team, Ant Monetary and Samsung Electronics, in keeping with the pension fund’s web page.
“We’re overjoyed to welcome CPPIB as a brand new spouse for our subsequent segment of development along our present companions,” Sahil Barua, Delhivery’s founder and leader govt officer, stated in a observation. He added that CPPIB’s funding coincides with a big milestone, because it nears 500 million in cumulative shipments to this point. Closing yr, the corporate had delivered its 250 millionth cargo, as in step with the web page.
Previously yr, Delhivery has traversed 17,500 pin codes throughout India, introduced 3 new companies and employed over 10,000 workers whilst handing over sturdy monetary returns to its early traders, Barua stated.
In March, Delhivery had raised a $413 million Sequence F spherical led by way of SoftBank Imaginative and prescient Fund, at the side of present traders Carlyle Team and Fosun Global. The investment catapulted the logistics supplier into the coveted unicorn membership with a valuation of $1.five billion.
Barua had then stated that Delhivery plans to scale up warehousing and freight services and products, and signal international partnerships to enhance the achieve, reliability and potency of transportation operations.
Delhivery, which was once based in 2011 by way of Barua, Mohit Tandon, Bhavesh Manglani, Suraj Saharan and Kapil Bharati, operates throughout 2,000 towns, providing a complete vary of logistics services and products, together with categorical parcel transportation, freight, business-to-business and business-to-consumer warehousing and generation services and products.
CPPIB has invested $7.five billion in India as on 30 June. The pension fund supervisor participated in Byju’s $300 million investment spherical in December closing yr.