NEW DELHI, March 24 – The Carlyle Group has acquired a minority stake in Indian logistics firm Delhivery, while existing investor hedge fund Tiger Global also raised its stake, for a combined investment of more than $100 million, the buyout fund said on Friday.
The investment comes amid expectations India’s logistics sector is set to expand strongly as the country unveils a new unified national sales tax and through growing online retail sales.
Delhivery was founded in 2011 as a food delivery company but has since shifted to providing logistics services in more than 600 Indian cities through 12 fulfilment centres.
“We see significant potential for technology-enabled logistics in the country with the growth of e-commerce,” Neeraj Bharadwaj, managing director of the Carlyle Asia buyout team, said in the statement.
Carlyle has invested more than $1.4 billion of equity in more than 30 transactions in India across all its funds as of Dec. 31. (Reporting by Aditi Shah; Editing by Sunil Nair)