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Gurgaon based Delhivery raises $76 million ahead of IPO

Ahead of its initial public offering, the Delhivery has raised $76.4 million from Lee Fixel's venture Capital firm Addition as part of a Series I round, as per the regulatory filings sourced from Tofler.

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Can public listing of startups enhance their corporate governance? 

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Ahead of its initial public offering, the Delhivery has raised $76.4 million from Lee Fixel's venture Capital firm Addition as part of a Series I round, as per the regulatory filings sourced from Tofler.

Founded in 2011 by Sahil Barua, Mohit Tandon, Bhavesh Manglani, Kapil Bharati and Suraj Saharan, the logistics startup is planning to list on exchanges between December 2021 and March 2022.

The company is working out details of the issue, including its size. However, given that it already has substantial cash on its balance sheet, it expects it to be a primary issue in the $400-500 million range.

Besides Addition, it includes names like SoftBank Vision Fund, Tiger Global Management, Times Internet, The Carlyle Group, and Steadview Capital on its captable.

It reported a loss of Rs 284 crore during the financial year 2019-2020. It came down from Rs 1,781 crore in the financial year 2018-2019. The revenue increased by 74 percent to Rs 2,986.4 crore during the financial year 2020.

The company last announced an investment of $100 million from FedEx Express, a subsidiary of leading global express transportation company FedEx Corp in July. Last month, it also acquired Bengaluru-based Spoton Logistics, a move aimed at further strengthening its B2B capabilities.

Dwaipayan Bhattacharjee
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