SoftBank Offloads 2.51% Stake Worth INR 747 Cr In Delhivery

SUMMARY

Around 1.8 Cr shares or 2.51 percent in Delhivery changed hands on Friday (November 17) valuing the deal at INR 747 Cr at INR 403.51 per share

As of September 2023, SoftBank's SVF Doorbell (Cayman) owned about 14.46% stake in Delhivery, as per BSE data

Earlier in March, SoftBank sold 3.8% of its stake in the logistics unicorn

Gurugram-based logistics firm Delhivery’s 2.51 percent of equity or around 1.8 Cr shares changed hands on Friday (November 17) with a deal valued at INR 747 Cr at INR 403.51 per share.

As per Moneycontrol’s report on Thursday (November 16), Japanese conglomerate SoftBank was planning to sell a stake worth $150 million, which is around 4 percent of its holding, through a block deal.

As of September 2023, SoftBank’s SVF Doorbell (Cayman) owned about 14.46% stake in Delhivery, as per BSE data.

Earlier in March, SoftBank sold 3.8% of its stake in the logistics unicorn. The Japanese conglomerate has sold 2.8 Cr Delhivery shares worth INR 954.2 Cr via multiple block deals in the open market.

Over the last two years, SoftBank has been lowering its investments in startups globally. Previously it was reported that it was planning to offload a 1.1% stake in foodtech major Zomato for at least INR 1,023.6 Cr.

The listed startups in Japanese investment firm SoftBank’s India portfolio – Zomato, Paytm, Delhivery and PB Fintech – cumulatively contributed gains of $400 Mn to the kitty of SoftBank Vision Fund 1 (SVF1) during the quarter ended June 30, 2023 (Q1 FY23).

Founded in 2011 and listed last year, Delhivery competes with the likes of Xpressbees and Blue Dart, alongside Flipkart’s Ekart Logistics and Amazon’s Amazon Shipping.

In August, Delhivery launched a new digital shipping platform, Delhivery One, to offer logistics support to small and medium enterprises and D2C brands across the country.

Delhivery One integrates shipping services such as post-purchase communication, analytics, international shipping, one-click integration with sales channels, and NDR management.

The logistics unicorn posted a net loss of INR 102.9 Cr in the September quarter (Q2) of the financial year 2023-24 (FY24), down 59.5% from INR 254.1 Cr reported in the corresponding period of the previous fiscal.

However, loss jumped 15% from INR 89.5 Cr Delhivery reported in the quarter prior (Q1 FY24).

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