SoftBank Vision Fund is reportedly in talks with logistics startup Delhivery for an investment of around $200 million to $250 million, reports ETTech citing two people aware of the development.

According to the report, the Japan-based SoftBank Vision Fund is evaluating Delhivery at a post-money valuation of around $1.2 billion. If this turns out to be true, then Delhivery will be the newest member of India’s ever-expanding “Unicorn” club.

The development about the new investment comes at a time when the company has reportedly postponed its $350 million IPO for which it had roped in Goldman Sachs, Morgan Stanley, Citigroup, and Kotak. The IPO was expected to provide a partial exit to some of its investors, particularly those that had invested in the company three to four years ago.

In its last funding round, the company was valued at $800 million, having raised around $260 million from Carlyle Group, Fosun International, Tiger Global Management and Times Internet. So far, the company has raised over $257 million.

Delhivery was founded in 2011 by Sahil Barua, Mohit Tandon, Bhavesh Manglani, Suraj Saharan and Kapil Bharati. In the financial year that ended in March 2017, the company’s losses narrowed to₹249 crore from ₹371 crore a year earlier, while revenue rose to ₹751 crore from ₹523 crore.

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