Logistics Unicorn Delhivery Files DRHP For INR 7,460 Cr IPO

SUMMARY

The startup will be issuing fresh shares worth INR 5,000 Cr

The offer includes offer-for-sale of up to INR 2,460 Cr where SoftBank, Carlyle Group, and Times Internet will be offloading their shares

The startup widened its loss by 55% from INR 267.9 Cr in FY 20 to INR 415.5 Cr in FY 21

Almost after a month of converting into a public company, which Inc42 exclusively reported on October 2, the logistics unicorn Delhivery has now filed its draft red herring prospectus with the market regulator SEBI.

According to DRHP filing accessed by Inc42, Delhivery will be raising INR 7,460 Cr through IPO. It will include a fresh issue of shares worth up to INR 5,000 Cr and an offer-for-sale of up to INR 2,460 Cr. It is worth noting that these offers can change as the startup heads towards its listing.

Masayoshi Son’s SoftBank will be offloading shares worth INR 750 Cr, whereas Carlyle Group is likely to sell shares worth INR 920 Cr. Times Internet will be selling shares worth INR 330 Cr.

Three founders — Kapil Bharati, Mohit Tandon, and Suraj Saharan will be offloading shares worth INR 14 Cr, INR 40 Cr, and INR 6 Cr, respectively.

The startup which closed a $125 Mn round from Lee Fixel’s venture capital firm Addition last month, posted a loss of INR 415.5 Cr in FY21, a 55% rise from INR 267.9 Cr in FY 20.

The logistic unicorn’s total income rose by 28% from INR 2,988.6 Cr in FY 20 to INR 3,838.2 Cr in FY 21. Delhivery’s expenses widened from INR 3,257.4 Cr in FY 20 to INR 4,212.7 Cr in FY 21.

As of today, SoftBank holds 22.78% stake in the startup. Its other investors Nexus Venture Partners and Carlyle Group have 10.62%, and 7.42% stake in the company, respectively. Founders Sahil Barua, Mohit Tandon, Suraj Saharan and Kapil Bharti hold a mere 6.97% in total.

Delhivery also counts Fidelity Management, Tiger Global, Canada Pension Plan Investment Board amongst its investors.

Founded in 2011, the Gurugram-based startup offers logistics services such as express parcel transportation, LTL and FTL freight, reverse logistics, cross-border, B2B & B2C warehousing, end-to-end supply chain services and technology services.

The startup provides supply chain solutions to a diverse base of 21,342 active customers such as ecommerce marketplaces, direct-to-consumer e-tailers and enterprises and SMEs across several verticals such as FMCG, consumer durables, consumer electronics, lifestyle, retail, automotive and manufacturing, in the three months ended June 30, 2021.

The logistics giant claims to have fulfilled over 850 Mn transactions since its inception and works with over 10,000 direct customers, including SMEs and enterprises.