Delhivery is a major logistics tech unicorn firm that has expanded at an exponential rate. The startup was founded by five core founders and each of them holds under a 10% stake in the company. The co-founders have built the company up from the last ten years. However, two of them have decided to pursue other interests. Bhavesh Manglani and Mohit Tandon are the two co-founders who have stepped down from the day-to-day operations of the company. Manglani and Tandon have been recategorized as ‘retiring/non-active promoters’. The other three founders are Sahil Barua, Kapil Bharati, and Suraj Saharani. Delhivery has been one of the greatest startups in India. It was founded in 2011 and since then it has fulfilled over 850 million orders. It has 24 automated sort centres, 85+ fulfillment centres, 70 hubs, over 3,000 direct delivery centres, more than 7,500 partner centres and over 15,000 vehicles.
The departure of the cofounders was first notified to the board of directors of the NCR based company, earlier this year. There is news in the market that one of the two co founders might be launching their own Startup, very soon.
Delhivery offers a wide array of logistics services such as express parcel transportation, LTL and FTL freight, reverse logistics, cross-border, B2B & B2C warehousing and technology services. Joining hands with the leading retailers of the nation, Delhivery has almost become a household name.
This exit has been strategized before Delhivery becomes IPO-bound, as per the law, there is a lock-in period before the stakes and details are finalized. Delhivery is expected to go for an initial public offering (IPO) this year at a valuation of $3.2 – $4 Billion. It is also planning to raise $800 Million through the public.
Last year/the financial year 2019-20 (FY20), Delhivery managed to cut its loss, from INR 1,781 Cr in FY19 to INR 284.13 Cr. This particular decline predicted an extremely crucial year for the company. Besides, the company also reduced its expenses by 6% and increased its revenue by 74%, last year.
In September last year, the company’s COO Sandee Barasia had confirmed these plans. In fact, it had also amended its articles of association (AoA) to also include the scope of a public listing as a secondary exit for the investors in existence.
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