Delhivery has been gearing up for its IPO for quite some time, and now, it has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) worth ₹7,460 crores.
The IPO of the homegrown logistics and supply chain startup consists of fresh issuance of equity shares worth ₹5,000 crores and an offer for sale (OFS) of shares worth up to ₹2,460 crores by existing promoters and shareholders. In the OFS, Deli CMF will sell ₹400 crores worth of shares, while CA Swift Investments will sell shares worth ₹920 crores. SVF Doorbell Ltd will sell up to ₹750 crores, while Times Interest will sell shares worth ₹330 crores.
If the IPO goes smoothly, Delhivery is likely to be valued at over $6 billion. It was last valued at over $3 billion. ₹2500 crore from the proceeds from the IPO will be used for funding organic growth initiatives, while another ₹1250 crore will be utilized to make acquisitions, other strategic initiatives, and general corporate proposes.
Backed by SoftBank, Tiger Global Management, Times Internet, The Carlyle Group, Steadview Capital, and Addition, the Gurgaon-headquartered startup has been raising funds from its investors and making acquisitions even as it eyed to enter the public market this year.
It claims to have delivered over 1 billion orders and worked with over 10,000 customers. It is the latest name to make its debut in the public market, joining a list that contains names such as Paytm, Nykaa, and Zomato.
Delhivery has come a long way from its initial days as a food delivery firm – it has raised $1.37 billion in funding from its inception and currently services 17, 045 PIN codes across the country.
Competing with names such as the likes of DHL’s Blue Dart Express and DTDC India in the domestic logistics sector, Delhivery provides transportation, warehousing, freight, and order fulfillment services and connects consigners, agents and truckers.
