Delhivery Pre IPO Unlisted Stocks

Delhivery logoDelhivery is the largest and fastest growing fully-integrated player in India by revenue in Fiscal 2021. The company is a leading logistics and supply chain services provider.

About Company: The services that the company offers can be broken down into three departments or verticals. These are- warehousing, transportation, and commerce. However, the majority of their business is focused on transportation. It follows a ‘plug and play’ model and provides a solution to all those customers who want to send out their products to their respective customers.

They also offer cross-border services through a network of global partners. Delhivery’s customer base includes large & small e-commerce participants, SMEs, and other leading enterprises & brands.

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Delhivery provides last-mile delivery, transit, and third-party warehousing, reverse logistics, vendor to warehouse and vendor to customer, payment collection, shipping, etc. The company did not follow a hub and spoke model of delivery.

The method followed by them is the distribution model, where every branch of the company is operated as a hub. In this way, the parcels can be distributed to the customers without any problems.

As per the RedSeer reports, Delhivery happens to be the largest and fastest-growing fully-integrated entity in Fiscal 2021 for their logistic services.

Promoters: The founders of the Gurugram based company, Delhivery are Sahil Barua, Mohit Tandon, Bhavesh Manglani, Suraj Saharan, and Kapil Bharati.

Acquisition: To expand its operations, Delhivery acquired the B2B logistics company, Spoton Logistics and in further pursuance, in December 2021, it made another acquisition of Transition Robotics Inc. which is a California-based unmannered aircraft system company.

And in December 2021 it further acquired California-based unmanned aircraft system company Transition Robotics Inc.

Earlier this month, Delhivery made an investment in Falcon Autotech, a Noida-based maker of warehousing automation products.

N24-N34, S24-S34,
Air Cargo Logistics Centre-II,
Opposite Gate 6 Cargo Terminal,
IGI Airport, New Delhi – 110037
ISIN INE148O01028
Sector : E-Commerce Logistics Service

Competitors: Two major competitors of Delhivery are Rivigo and Blackbuck. Both these players are startups; where Rivigo is already a unicorn and Blackbuck is also nearing the unicorn status.

Delhivery gets Sebi’s go-ahead to raise Rs 7460 cr via IPO
The company has obtained approval from the Securities and Exchange Board of India (SEBI) for its DRHP. Out of which, shares worth Rs.5000 crores will be raised by way of Fresh Issue, and the rest shares worth Rs.2460 crores will be raised by an Offer for Sale. Through the IPO, the entity will be raising funds from the public for stability and expansion.

The Lead Managers of the issue are:
Kotak Mahindra Capital Company Limited
Morgan Stanley India Company Private Limited
BofA Securities India Limited
Citigroup Global Markets India Private Limited

Investors: The company is backed by Times Internet Ltd, which had acquired a minority stake in the firm, as well as Japan’s SoftBank Vision Fund, Carlyle, Fosun, Tiger Global, Nexus Ventures, and Steadview Capital. It has cumulatively raised around $7.4 billion in funding.

Funding History:

Delhivery Funding History


Amount (in INR & Million)
30-Jun-21 31-Mar-21 31-Mar-20 Mar-19
Assets 65,821.92 45,977.98 43,573.08 40,625.45
Revenue 13,640.11 38,382.91 29,886.29 16,948.74
Expense 14,935.91 42,127.04 32,574.31 34,781.78
Profit After Tax (1,295.80) (4,157.43) (2,689.26) (17,833.04)

The company had reported a revenue of Rs 3,646.5 crore for 2020-21, up from Rs 2,780 crore in FY20. Its net loss was at Rs 415.7 crore last fiscal against almost Rs 269 crore in the previous year. For the quarter ended June 2021, Delhivery’s revenue was at Rs 1,317 crore with a loss of over Rs 129 crore.

Unicorn: Delhivery became a unicorn in the year 2019 when it was valued at $1.5 billion and raised $413 million.

Outlook: Delhivery has been one of the largest beneficiaries of the exponential growth of ecommerce in the country since the outbreak of Covid-19. It is one of the largest independent logistics startups with presence across the country.

It has an extensive reach and an impeccable service record. It is a well-established company having a dominant customer base of more than 21000 customers.

A report by RedSeer noted that the Indian logistics market presents a large addressable opportunity, with direct spends of $216 billion on logistics in FY2020, and is expected to grow to approximately $365 billion by FY2026 at a CAGR of 9.1 percent.

The company aims to to operating system for commerce, through a combination of world-class infrastructure, logistics operations of the highest quality and cutting-edge engineering and technology capabilities.

It has high-quality logistics infrastructure and network engineering, a vast network of domestic and global partners and significant investments in automation, all of which are orchestrated by our self-developed logistics operating system that drive network synergies within and across our services and enhance our value proposition to customers.

The Delhivery business model is the B2B model, where they provide services that are primarily focused on business people. Here, the businesses are charged, and the customers are charged nothing. It has a high growth perspective and is extending itself continuously.

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