Canada Pension Plan Investment Board (CPPIB) has invested US$115 million in Delhivery Pvt Ltd, broadening its exposure to the logistics sector in India. Delhivery, one of India’s leading third-party logistics providers, operates in more than 2,000 cities (more than 17,500 pincodes) offering a full 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.

This investment in Delhivery builds on our Fundamental Equities Asia group’s strategy to provide strategic capital to high-quality companies in the region,” said Deborah Orida, Senior Managing Director and Global Head of Active Equities. The investment was made through CPPIB’s Fundamental Equities Asia (FEA) Group, which performs fundamental research and invests in quality corporates for the long term throughout Asia . Speaking on the development, Sahil Barua , Delhivery’s Founder & CEO said “We are delighted to welcome CPPIB as a new partner for our next phase of growth alongside our existing partners.

The last year has been particularly exciting for us at Delhivery. We have crossed 17,500 pincodes across India , launched 3 new businesses, created over 10,000 new jobs and delivered handsome financial returns and liquidity for our early risk investors while bringing in an incredible new set of patient partners who will continue to back us on our long-term ambition of becoming the operating system for commerce in India . 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. “CPPIB has been active on the ground in India for nearly a decade and we continue to pursue opportunities to invest in the country as part of our focus on emerging markets. In Delhivery we have found a highly reputable partner who fits well with our focus on supporting high-growth businesses,” said Alain Carrier , Senior Managing Director & Head of International, CPPIB.

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