SoftBank-backed Delhivery’s losses shoot up to Rs 1,781 crore

SoftBank-backed Delhivery’s losses shoot up to Rs 1,781 crore
Photo Credit: Photo Credit: Reuters
29 Oct, 2019

Gurugram headquartered logistics company Delhivery widened its losses more than two and a half fold for the financial year 2018-2019, according to its latest regulatory filings.

The Softbank-backed company reported net losses at Rs 1781.03 crore for the financial year ended March 31, against Rs. 684.48 crore a year earlier. Expenses soared 49% to Rs 3463.3 crore. Revenues grew 58% to Rs 1694.97 crore.

Previously known as SSN Logistics, Delhivery was founded in 2011 by Sahil Barua, Mohit Tandon, Suraj Saharan, Kapil Bharti and Bhavesh Manglani.

It started off as a company that provided on-demand services and subsequently evolved into a full-fledged logistics services provider. The company claims to serve more than 17,500 pincodes and 2,000 cities across the country. It offers a full suite of logistics services from express parcel delivery to reverse logistics to B2B and B2C warehousing.

Delhivery is largely viewed as the highest funded player in the country’s technology-enabled logistics sector.

Last month, it raised $115 million from Canada’s largest pension fund manager, Canada Pension Plan Investment Board or CPPIB.

Earlier in the year, it raised $413 million in a funding round led by Japanese technology conglomerate SoftBank’s Vision Fund. US-headquartered private equity firm Carlyle Group and China-headquartered venture capital firm Fosun International had also participated in the round.

In March this year, TechCircle reported that Delhivery had become the newest member of India’s unicorn club of privately held firms valued at $1 billion or more, after the Softbank-led Series F funding round.

US-headquartered private equity firm Carlyle Group and Chinese conglomerate Fosun International -- both existing investors -- also contributed to the round, show regulatory filings.