Delhivery looking at IPO in next 12-15 months; raises $25 mn from Steadview

Topics Delhivery | IPO | Indian startups

Delhivery employee

Supply chain company Delhivery on Tuesday said it will head towards the public markets in the next 12-15 months.

It also said Steadview Capital has bought USD 25 million (about Rs 184 crore) worth of secondary shares from one of its early investors. The logistics firm, however, did not name the investor.

"We are delighted to welcome Steadview Capital onto our cap table. We've known Steadview and Ravi for quite some time, and it's great to have them join us for this next phase of Delhivery's journey.

"Steadview is a long-term investor and we see them playing a key role as Delhivery heads towards the public markets in the next 12-15 months," Delhivery founder and CEO Sahil Barua said in a statement.

Last year, Delhivery had announced raising more than USD 400 million (Rs 2,766.82 crore) in a financing round led by SoftBank Vision Fund. Its investors also include Carlyle Group and others.

Delhivery, which covers 2,300 cities, provides a full suite of logistics services such as express parcel transportation, LTL and FTL freight, reverse logistics, cross-border, B2B and B2C warehousing, and technology services.

Delhivery has fulfilled over 800 million transactions since inception and currently works with over 10,000 direct customers, including large and small e-commerce participants, SMEs, and over 450 enterprises and brands.

Steadview Capital founder and CIO Ravi Mehta said Delhivery's tech-centric approach has been a key enabler in ensuring faster delivery speeds, decreasing logistics costs, and increasing e-commerce adoption in the country over the last decade.

"We believe Delhivery is well-positioned to become the largest logistics company in India and is poised for a strong growth trajectory in the years to come," he added.

Steadview's portfolio includes Dream11, Freshworks, Lenskart, Nykaa, Ola, Policybazaar, UC, Unacademy, Zenoti and Zomato, among others.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel