Nexus Venture Partners Offloads 1.06% Stake In Delhivery

SUMMARY

Nexus Ventures III sold over 78.19 Lakh shares of Delhivery at INR 440 apiece via bulk deals

Nexus Venture Partners held a 8.06% stake in Delhivery at the end of the June quarter of 2024 via two funds

The share sale came a month after Canada Pension Plan Investment Board (CPPIB) exited Delhivery by selling its remaining 3.18% stake

US-based venture capital Nexus Venture Partners offloaded 1.06% stake in Delhivery for over INR 344 Cr.

As per the information available on the NSE, Nexus Ventures III sold over 78.19 Lakh shares of Delhivery at INR 440 apiece via bulk deals on Wednesday (August 21).

Nexus Venture Partners held a 8.06% stake in Delhivery at the end of the June quarter of 2024. While it held 7% stake in the logistics startup Nexus Ventures III, it owned 1.06% stake via Nexus Opportunity Fund Ltd.

Following the bulk deal, shares of Delhivery ended Wednesday’s trading session nearly 2% lower on the BSE. Today, the stock fell another 2.13% to end the day at INR 421 on the BSE.

The share sale came a month after Canada Pension Plan Investment Board (CPPIB) exited Delhivery by selling its remaining 3.18% stake. Before that, in April, the fund offloaded 2.77% of its stake, or 2.04 Cr shares, in the company for INR 908 Cr.

The shares sold by CPPIB were bought by several funds of HSBC, ICICI Prudential, BofA Securities, Societe Generale, Aditya Birla Sun Life Mutual Fund, Nippon India Mutual Fund, FMRC Fidelity Emerging Markets Fund, among others.

Prior to this, in November last year, SoftBank sold 2.51% stake in Delhivery for around INR 747 Cr.

Earlier this month, the Japanese investor said that it was sitting on gross gains of $285 Mn (INR 2,393 Cr) at the end of June 2024 from its investment in Delhivery.

After turning profitable in Q3 FY24, Delhivery slipped into the red in Q4. However, it posted a net profit of INR 54.3 Cr in the first quarter of FY25 on the back of robust growth in its truckload and supply chain services segments. Revenue from services grew 13% to INR 2,172 Cr in Q1 FY25 from INR 1,930 Cr in Q1 FY24.

Delhivery is also looking to launch a network of multi-tenant dark stores for “rapid in city delivery” for ecommerce companies.

Looking to diversify its offerings, the startup also announced its plans to enter into the freight air transportation services sector after it got the green light from the Ministry of Corporate Affairs (MCA) to incorporate its drone subsidiary.

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