Delhivery Alleges IPO-Bound Ecom Express Used Incorrect Numbers In Its DRHP

Delhivery Alleges IPO-Bound Ecom Express Used Incorrect Numbers In Its DRHP

SUMMARY

Delhivery didn’t name Ecom Express, it was clear from the numbers it provided that it was referring to Ecom Express

The listed logistics major alleged that Ecom Express has miscalculated its number of shipments for FY24 by adding return to origin (RTO) shipments in the total count

Considering the RTO industry average of 14-18%, Delhivery estimated that Ecom Express' shipments stood at about 450 Mn in FY24

Logistics major Delhivery alleged that its rival Ecom Express used incorrect information about the former multiple times in its draft red herring prospectus (DRHP) filed with the Securities and Exchange Board of India (SEBI).

Delhivery made these allegations in an investor presentation under a section titled “Benchmarking in Peer DRHP”. While Delhivery didn’t name Ecom Express, it was clear from the numbers it provided that it was referring to Ecom Express.

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