Friday, April 26

Ecommerce Logistic firm Delhivery seeks $350 Mn IPO in coming months

E-commerce logistics company Delhivery is gearing up for capital market debut with a $350-million (2,500 crores) initial public offer in coming months, a move that will mark first e-logistics listing in the country.

Delhivery has hired leading firms Goldman Sachs, Morgan Stanley, Citigroup and Kotak to look after its IPO process. The IPO will witness a mix of primary and secondary sale as the Gurgaon based company is seeking a valuation of $2-2.8 billion as informed by the sources.

It is interesting to note that company earlier raised $100 million from Carlyle and Tiger Global and another %30 million from Chinese giant Fosun Group in 2017. Back in 2015, it raised about $85 mn from Nexus Venture Partners, Multiples Alternate Asset Management, Tiger Global and Times Internet.

Delhivery has shrunk its losses to Rs 249 crore from Rs 371 crore in FY16, while witnessed an upsurge in the revenue to Rs 751 crore from Rs 523 crore.

Delhivery was founded in 2011 when it started its full truckload and less than truckload freight services in 2016. Later, it expanded to 12,000-plus PIN codes and over 1,200 cities.

Meanwhile, in addition to Delhivery the pioneer Indian gaming company, Nazara Games is also eyeing for its IPO seeking a valuation of Rs 3,000-3,500 crore.

India’s logistics segment today is worth $160 billion and according to the FY18 Economic Survey, it is expected to reach 215 billion by 2020, growing at a compounded annual growth rate of 10.5%.