India’s top Internet and telecom service provider Express Delivery Services has raised $20 million from investors including Andreessen Horowitz, Kleiner Perkins Caufield & Byers and Accel Partners.
The funds are part of a $50 million Series C round, according to a news release.
Express Delivery, which is part of the company called Revolut, is looking to expand into other categories like mobile, broadband, logistics and other services.
The company’s goal is to be the go-to service for India’s growing number of digital consumers.
Express Delivery has already acquired a $30 million loan from the government-owned Bank of Baroda.
The investment will go towards improving its operations and improving its service offerings, said Amit Sood, vice president and chief financial officer.
The startup will be able to take advantage of a lot of the advances in technology and scale in its existing business model to better cater to the needs of consumers in India, said Sood.
It will also continue to work with government agencies and other entities to develop services.
This is the second round for the Indian startup, which had raised $6.4 million in January from Accel and Sequoia Capital.
Its latest round raised $30.5 million from Andreessen’s Andreessen Foundation.
It also raised $11.7 million in a Series B earlier this year from Acxiom, Andreessen and Tencent.
India’s Internet and telecommunications companies are also trying to find ways to expand in different niches.
The country’s broadband sector is expected to grow by 5.6% this year, according the industry body TRAI.
With India’s population of 4.9 billion, India has the largest internet penetration in the world and has seen a rapid rise in smartphone penetration in recent years.
The market is expected grow at 7.7% this coming year, says the Association of Indian Chambers of Commerce and Industry (AICCI).
The country’s telecommunications market is also seeing a rapid growth, with AT&T and T-Mobile India already reporting strong growth rates of 11.5% and 9.6%, respectively, in the first quarter of this year.