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Exclusive: Delhivery offers partial exit to its multiple existing investors amid IPO rumors

Gurugram based logistic company Delhivery has provided partial exit to its multiple existing investors. In a board meeting held last month, the unicorn logistic firm agreed to convert 6, 40,000 preference shares held by existing investors into equity shares, the regulatory filings showed.

These fully diluted 6, 40,000 preference shares were allotted in a segregated manner to several high profile investors who had pumped capital in the company through various rounds.  These investors include Times Internet, Multiples Private Equity Fund, SoftBank, CPPIB, AB Initio Capital L.P and Alpine Opporunity Firm.

The last time, Delhivery provided exit to its exiting investors was in September 2019, when it raised $115 Mn from CPPIB.

The latest exits have come at a time when unconfirmed reports are claiming that Delhivery is preparing for an IPO next year. Business daily Livemint has claimed that the logistics major has tapped an advisory consultant firm to advise on IPO listing. The company has so far not officially commented on this issue.

In another important development, ROC filing has also showed that Delhivery has made changes to its capital structure in an indication that a big funding round is also lurking nearby.

Below are the names of all the investors who have been given partial exit:  

  • Times Internet – converted 3,71, 469 preference shares into equity shares
  • Multiples Private Equity Fund – converted 48,773 preference shares into equity shares
  • Multiples Private Equity Fund 1 – converted 3,032 preference shares into equity shares
  • SVF Doorbell (SoftBank): converted 13,753 preference shares into equity shares
  • Canadian Pension Plan Investment Board (CPPIB): converted 1,71,153 into equity shares
  • Ab initio Capital I.P: Converted 3081 preference shares into equity shares
  • Alpine Opporunity Y Fund: converted 27,719 preference shares into equity shares…

Post conversion, ownership pattern of the company is as follows  

Delhivery’s 9 co-founders collectively own nearly 9% stake in the company, with Mohit Tandon and Suraj Saharan owning 2.22% and 2.17% stakes in the company respectively. Japanese tech giant SoftBank is the largest stakeholder in the company.

  • Times Internet: 8.88%
  • Nexus Ventures: 12%
  • Multiple Private Equity: 3.6%
  • Tiger Global: 6.88%
  • SoftBank: 25.72%
  • The Carlyle Group: 11.88%
  • CPPB: 7.97%
  • Ab initio Capital: 0.35%
  • Alpine Opporunity: 3.12%
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