Delhivery Sees Exit Of Two Cofounders Ahead Of IPO This Year

SUMMARY

Two out of the five Delhivery cofounders have stepped aside from day-to-day operations

Bhavesh Manglani and Mohit Tandon's status as promoters has also been reclassified

Delhivery is expected to go for an initial public offering (IPO) this year at a valuation of $3.2 Bn - $4 Bn

IPO-bounced logistics tech unicorn major Delhivery has seen two cofounders leave the company, with their promoter status being reclassified. Bhavesh Manglani and Mohit Tandon, two of the company’s five cofounders, have quit the company and stepped aside from day-to-day operations.

Besides this, Manglani and Tandon have been reclassified as ‘retiring/non-active promoters’ in the Delhi NCR-based company. While Delhivery confirmed the departures of Manglani and Tandon, it did not reveal more about the reason for their exits. The development was first reported by TOI.