Gurugram based logistics disruptor Delhivery, is reportedly in final stages with Japan-based SoftBank Vision Fund for a fresh round of funding. And if the deal does go through, the logistics startups will join the ‘unicorn’ club — a status for startups valued at over $1 billion.

Multiple media reports are coming in, saying that SoftBank Vision Bank is likely to invest around $350 million in a new funding round in Delhivery. It is also expected to make additional secondary transactions of about $100 million to further bump up its stake in the company. This is the same deal which was in talks some 2 months back, wherein the company was expected to raise $200-$250 Million in a fresh round from Softbank.

The current round could see SoftBank taking up around 32 percent stake in the company. A report reveals that as part of the secondary deal, the company’s founders are expected to cash out and get new stock options at a stock price equal to 15% of the price per share in the latest round.

The deal is interesting though, considering the fact that Delhivery was looking for an IPO as early as 2016. The company had in fact expressed confidence and investor-backing for the same.

Delhivery began operations in 2012 as yet another hyperlocal food delivery startup. Soon, it pivoted to an e-commerce logistics company piggybacking on the online retail boom. The company currently services over 600 cities and 8,500 PIN codes. It has a network of 12 fulfillment centers and works with companies like Flipkart and Paytm.

So far, the company has raised more than $258 million in funding from a clutch of investors, including Carlyle Asia Partners, Tiger Global Management, Fosun Group, and others. Last year, the company was said to be in talks with PE firm for its pre-IPO placement.

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