Gurugram-based e-Commerce logistics firm Delhivery has secured $30 million (Rs 194 crore) in funding from Chinese international conglomerate Fosun International.

This additional investment is a part of the bigger equity financing round that saw a $100 million funding from The Carlyle Group, earlier in March of 2017.

With this financing round, the company is currently valued at $650 million, as per a report.

Launched in 2011 by Sahil Barua, Mohit Tandon, and Suraj Saharan with an aim to disrupt the logistics supply chain market in India. Later, the trio was joined by Bhavesh Manglani, and Kapil Bharati. Based out of Gurugram, the start-up currently claims to service about 600 cities and 8,500 PIN codes. It has about 12 fulfilment centres for B2C and B2B fulfillment services and works with companies like Flipkart and Paytm.

Commenting on the development, Sahil Barua, Co-Founder, Delhivery said, “A dominant part of our business continues to come from e-Commerce and we have grown our non-e-Commerce shipments from zero to double-digit percentage in the past year-and-a-half. 2016 set us back due to demonetisation but our target for profitability remains the same. We would still like to go public though we are awaiting more clarity on government regulations.”

In March 2015, the startup raised $85 million Series D round led by Tiger Global Management with participation from existing investors, Multiples Alternate Asset Management, Nexus Venture Partners, and Times Internet Limited. Prior to that, in September 2014, it had raised its Series C round, led by Multiples Alternate Asset Management.

An e-mail sent to Delhivery awaited response at the time of publication.

According to a report by IBEF, the national logistic industry has grown at a CAGR of over 16 per cent over the last five years. In March 2017, Gurugram-based logistics platform, Rivigo raised about $15 million (Rs 100 crore) debt finance from undisclosed lending private sector banks. In November 2016, Rivigo had raised $75 million from an affiliate of Warburg Pincus.

Other start-ups in this segment include Bengaluru-based Locus, Ahmedabad-based logistic IoT start-up Locanix; Bengaluru-based B2B logistics start-up BlackBuck, etc.

Source: Inc42