Washington, D.C.-based global private equity firm Carlyle Group (NASDAQ: CG) said it has acquired a significant minority stake in Delhivery Private Limited, India’s largest third-party supply chain services company focused on digital commerce. Existing investor Tiger Global also participated in the funding round. The combined investment is more than $100 million.

Delhivery, founded in 2011 by a group of engineers including Bhavesh Manglani, Kapil Bharati, Mohit Tandon, Sahil Barua and Suraj Saharan, had previously raised $127.5 million in four venture rounds. The startup provides express logistics services in over 600 cities in India and in more than 8,500 pin-codes and operates 12 fulfillment centers for B2C and B2B fulfillment services. In addition, the company provides less-than-truckload shipping, full-truckload shipping, cross-border delivery and a range of supply chain technology products to enterprises and small businesses.

“We have been very impressed with Delhivery’s management team and the company’s strong execution capabilities, leveraging its extensive network and proprietary technology platform,” said Neeraj Bharadwaj, Managing Director of the Carlyle Asia buyout team. “We are delighted to partner with the management and expect to leverage our global experience in the logistics sector to assist the company with operational improvements and business expansion.”

“We see significant potential for technology-enabled logistics in the country with the growth of e-commerce as well as increasing customer focus on on-time delivery and service levels. Delhivery, with its industry-leading service metrics and cost efficiency, is well-positioned to benefit from these future growth opportunities,” he added.

Sahil Barua, CEO & Co-Founder of Delhivery Private Limited, commented, “We are excited to partner with Carlyle as we continue to grow our business to meet the surging demand from our e-commerce clients, small businesses and enterprises who are rapidly digitizing their supply chain operations. We believe Carlyle’s global network and industry expertise will enable us to expedite our growth strategy.”

Carlyle has invested more than $1.4 billion of equity in over 30 transactions in India across all Carlyle funds as of December 31, 2016. Equity for this transaction came from Carlyle Asia Partners IV.

The Carlyle Group is a global alternative asset manager with $158 billion of assets under management across 281 investment vehicles as of December 31, 2016. the firm has more than 1,600 people in 35 offices across six continents. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Market Strategies and Investment Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation.

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