Canada Pension Plan Investment Board (CPPIB) proclaimed that the company has infused INR 825 crore in India-based logistics firm, Delhivery Pvt. Ltd, according to a media report.
CPPIB made the investment through its Fundamental Equities Asia Group, which backs quality Asian companies for the long term, the daily news, VC Circle reported citing the companys statement.
As part of the investment, CPPIB will have one seat on Delhiverys board, the daily news reported citing the companys statement.
The continued strong growth of e-commerce has generated significant opportunities in Indias express logistics space for long-term investors such as CPPIB, Senior Managing Director and Global Head of Active Equities, Deborah Orida told the daily news.
The investment in Delhivery will also help the Canadian pension funds Fundamental Equities Asia Group vehicles strategy of providing capital to high-quality companies in the region, Orida added.
CPPIBs investment also coincided with the 500 million shipment milestone for the company. The startups long-term ambition is to become the operating system for commerce in the country, Founder and CEO at Delhivery, Sahil Barua told the daily news separately.
Delhivery was established in 2011 by Bhavesh Manglani, Mohit Tandon, Kapil Bharti, Sahil Barua, and Suraj Saharan. The company earlier had worked as SSN Logistics Pvt. Ltd. and rendered on-demand services in local regions and then, gradually transitioned into a big logistics company. It has amassed funds from numerous private equity companies such as Tiger Global Management, Nexus Ventures, and Carlyle Asia Partners.