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.
AdvertisementLogistics 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
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.
Vodafone Idea, Dish TV and other top stocks to watch out for on September 7
El Salvador just bought 400 bitcoin and plans to buy 'a lot more,' a day before making it an official currency
AdvertisementChipotle's digital sales hit a record $2 billion so far this year - here's how its loyalty program led the company to success
Popular on BI
- I've had the new iPhone 14 for 2 weeks. I should've listened to Steve Jobs' daughter because I now regret buying it.
- China tells state banks to prepare for a massive dollar dump and yuan buying spree as Beijing's prior interventions have failed to stem its currency's worst year since 1994
- Here is a list of bank holidays in October 2022
- IISC joins hands with AIIMS Rishikesh to develop algorithm that can read brain scans to detect epilepsy
- Overlapping symptoms of dengue, Covid-19 confusing in many cases, say doctors
- Sterlite Technologies launches optical solution for 5G rollout
- NASA pushes back Artemis I Moon mission launch to November
- Auto sales jump in September: Maruti reports over a 100% jump in volumes