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delhivery: Logistics company Delhivery files for IPO worth $1 billion


BENGALURU: Logistics and supply chain services company Delhivery has filed for a Rs 7,460-crore (about $1-billion) IPO, riding on the frenzy of capital markets for new age internet companies. The company will raise Rs 5,000 crore through issuance of fresh shares and will have an offer for sale (OFS) of Rs 2,460 crore from existing investors like private equity firm Carlyle, SoftBank Vision Fund and Times Internet. Other shareholders diluting their stake include founders Kapil Bharati, Mohit Tandon and Suraj Saharan. While Bharati is offloading about 7 million shares, the other two are selling about 11 million. SoftBank Vision Fund, the largest shareholder with about 23% stake, will be looking to raise about Rs 750 crore by selling a part of its stake. Delhivery, which competes with Blue Dart and Ecom Express, wants to use Rs 2,500 crore to fund organic growth initiatives including scaling up existing verticals, along with the development of new adjacent business lines, expanding its network infrastructure with new warehouses and automated supply chain centres. With the filing, the company joins the likes of Zomato, Nykaa, Policybazaar and Paytm, which have either gone public recently or have filed for IPOs. Delhivery reported a wider loss for the last fiscal ended March, which rose to Rs 415 crore, from Rs 269 crore in the year before. Revenue, however, grew 29% to Rs 3,838 crore. The company provides services in 17,045 pin codes.


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