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CCI clears CPPIB’s Delhivery stake buy

In 2015, the Mumbai-based fund sold a 10% stake in the logistics company to Tiger Global.

ET Bureau|
Last Updated: Aug 22, 2019, 10.21 AM IST
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Delhivery already counts heavyweights such as SoftBank Vision Fund, private equity firm Carlyle Group and Chinese conglomerate Fosun International among its backers.
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BENGALURU: The Competition Commission of India has cleared pension plan behemoth Canada Pension Plan Investment Board’s (CPPIB) investment in SoftBank-backed logistics major Delhivery. The regulator announced the clearance in a tweet on Tuesday.

CPPIB’s investment in Delhivery was first broken by ET in its edition dated June 13. The logistics startup also bagged the coveted ‘Startup of the Year’ prize in the 2019 edition of ET Startup Awards.

As part of the deal, CPPIB, one of the world’s largest retirement funds, has bought shares from homegrown private equity firm Multiples Alternate Asset Management, in the process picking up an 8% stake in the Gurgaon-based company. Delhivery already counts heavyweights such as SoftBank Vision Fund, private equity firm Carlyle Group and Chinese conglomerate Fosun International among its backers.

Times Internet, a part of the Times Group, which publishes ET, is also an early investor in the company. The Renuka Ramnath-led Multiples first invested in SSN Logistics, which runs Delhivery, in a $35-million financing round in 2014. In 2015, the Mumbai-based fund sold a 10% stake in the logistics company to Tiger Global.

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