Canada Pension Plan Investment Board (CPPIB) revealed today that it has now invested around $115 million in the India logistics firm Delhivery Pvt Ltd.
CPPIB made the investment with the help of Fundamental Equities Asia Group, which even backs the quality Asian companies for a longer period of time, according to the report. As a part of the investment, CPPIB will have one seat on Delhivery board it added.
“The continued strong growth of e-commerce has generated significant opportunities in India’s express logistics space for long-term investors such as CPPIB,”Deborah Orida, senior managing director and global head of active equities
The investment into the Delhivery will also be going to help the Canadian Pension Fund Fundamental Equities Asia Group vehicle strategy of providing capital to the “high-quality companies” in the region.
Delhivery was founded by the Sahil Barua, Mohit Tandon, Suraj Saharan in the year 2011. It earlier started as an SSN logistics Pvt Ltd, which offers local on-demand services and then even grow to a full-fledged logistics player. It has secured funding from the several clutches of investors which includes the Multiple private Equity, Tiger Global Management, Carlyle Asia Partners and Nexus Ventures.
In the month of September, it was reported that the Gurugram based Delhivery pushed its plan for the initial public offering to this year and was instead looking to mobilize capital from the private investment firms.
In the month of March this year, the company had secured $413 million in the funding round led by the SoftBank Vision Fund, and China Fosun International also participated in the round.