Former Tiger Global exec Lee Fixel picks Delhivery as his second bet in India, after Inshorts

• Delhivery has raised an additional ₹558 crore from Lee Fixel’s Addition LLC.
• Fixel had been associated with New York-based hedge fund Tiger Global for 13 years.
• The company has expected to hit the public market by 2021 and has started working towards it.

Logistics company Delhivery, which is expected to hit Dalal street later this year, has raised an additional ₹558 crore (about $76 million) from Lee Fixel’s Addition LLC.

Fixel had been associated with New York-based hedge fund Tiger Global for 13 years between 2006 and 2019. He has led Tiger Global’s investment in Indian e-commerce giant Flipkart that got the investment firm reportedly $3.3 billion in return.

Fixel set up his own investment firm Addition in September 2019 and has invested in news aggregation platform Inshorts and its social network app called Public. Delhivery would be Addition’s second investment in India.

According to the Ministry of Corporate Affairs (MCA) filings accessed by Business Insider, Delhivery has allotted 146,961 Series I Compulsory Convertible Preference Shares (CCPS) to Addition LLC at a price of ₹37,900 per share. The development was first reported by Inc42.

Founded by Mohit Tandon, Sahil Barua, Bhavesh Manglani, Kapil Bharati and Suraj Saharan in 2011, Delhivery claims to have fulfilled more than 850 million transactions to date and works with over 10,000 direct customers.

Two of the company’s co-founders — Manglani and Tandon — have already stepped out of the company, reportedly, to meet regulatory requirements before starting their initial public offering (IPO) process. The company is reportedly planning to go public in 2021.

Delhivery has raised over $1.3 billion to date from marquee investors like SoftBank, Tiger Global, Times Internet, The Carlyle Group and Steadview. It turned into a unicorn, a startup valued over a billion, in 2019.

The company had last raised $100 million last month from FedEx Express, a subsidiary of the global logistics giant FedEx Corporation. This is FedEx’s first such strategic investment in an Indian company.

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