02/02/2020
Canada Pension Plan Investment Board (CPPIB) has said it is putting $115 million (about Rs 820 crore) in Delhivery, one of India’s leading third-party logistics providers.
Delhivery operates in over 2,000 cities and towns, offering a range of supply chain services. “The continued strong growth of e-commerce has generated significant opportunities in India's express logistics space for long-term investors such as CPPIB and we are pleased to partner with a market leader,” said Deborah Orida, senior managing director and global head of active equities at CPPIB.
The investment was made through CPPIB’s Fundamental Equities Asia Group. The latter’s stated aim is fundamental research and investment in quality companies for the long term in this continent.
Sahil Barua, founder and chief executive of Delhivery, said: “Last year has been particularly exciting for us at Delhivery. We crossed 17,500 pin codes across India, launched three businesses, created over 10,000 jobs and delivered financial returns and liquidity for our early-risk investors, while bringing in an incredible set of patient partners who will continue to back us on our long-term ambition.”
CPPIB’s investment coincides with a major milestone for the company as we cross over 500 million in cumulative shipments to date.”
Following the investment, CPPIB will have one seat on Delhivery's board of directors.
