SoftBank India head Sumer Juneja joins Ola, Delhivery boards

SoftBank India head Sumer Juneja joins Ola, Delhivery boards
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5 Apr, 2019

Sumer Juneja, the India head of Japanese internet conglomerate SoftBank Group Corp, has joined the boards of cab-hailing company Ola and logistics-tech firm Delhivery Pvt. Ltd.

Ola, operated by ANI Technologies Pvt Ltd, said in a statement that Juneja replaced David Thevenon on the board. “Sumer's experience in the India market is extremely valuable to us and we look forward to working closely with him and SoftBank,” it said.

Thevenon, partner at SoftBank Investment Advisors, was on Ola's board for two-and-a-half years. He is also on the boards of SoftBank-backed ride-hailing companies Didi Chuxing and Grab.

Juneja joined SoftBank from multi-stage venture capital and growth-equity investment firm Norwest Venture Partners as the group’s first India head in November last year.

Juneja had joined Norwest in 2009. He led investments in companies such as Swiggy, Quikr, Yes Bank, IndusInd Bank, Shriram City Union Finance, Cholamandalam Finance, Kotak Mahindra Bank and the National Stock Exchange at Norwest.

Juneja has also joined the board of Delhivery, according to The Times of India, which first reported the development. Delhivery didn't respond to emailed queries till the time of publishing this article.

SoftBank, led by founder Masayoshi Son, first backed Ola in 2014. It is now the company's largest investor with a stake of around 26% stake.

Ola has been raising funds on a regular basis. Last month, it raised $300 million (Rs 2,050 crore) from South Korean automakers Hyundai Motor Co and Kia Motors Corp. Ola's founders are broadening the company's investor base to reduce dependence on SoftBank, retain control and stave off a potential merger with main rival Uber.

Delhivery is SoftBank’s third big-ticket investment in India in 2019 after it led a Series F funding round of $413 million (Rs 2,890 crore) in March. SoftBank now owns a 23.41% stake in the Gurugram-based company. 

Delhivery raised this sum at a valuation of around $1.5 billion, as per TechCircle estimates. This means it has joined the unicorn club of privately held firms valued at $1 billion or more.

Delhivery is also among the best-funded logistics-tech companies. Taking into account the latest round, it has raised about $650 million in all. It has also raised funding from private equity firms Carlyle and Multiples Alternate Asset Management, China's Fosun, venture capital firm Nexus Venture Partners and digital business company Times Internet Ltd.