March 24, 2017 / 6:40 AM / 8 months ago

Carlyle Group takes minority stake in Indian logistics firm Delhivery

NEW DELHI (Reuters) - The Carlyle Group (CG.O) 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.

Passersby walk in front of video monitors announcing the Carlyle Group's listing on the NASDAQ market site in New York's Times Square after the opening bell for trading, U.S. May 3, 2012. REUTERS/Keith Bedford/File Photo

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 fulfillment centers.

“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

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below