Mumbai: Delhivery Pvt, an Indian logistics and supply chain startup, plans to file a draft prospectus as soon as October for its initial public offering that could raise about $1 billion, according to people with knowledge of the matter.
The company, backed by SoftBank Vision Fund and Carlyle Group Inc., is targeting a Mumbai listing before March next year, said the people, who asked not to be identified as the information is private. The offering could include both new and existing shares, one of the people said.
Founded in 2011, Delhivery handles more than 1.5 million packages a day through its 43,000-strong team across India, according to its website. The company completed a series H funding round in June led by Fidelity. It also counts Fosun International Ltd., Tiger Global and Times Internet Ltd. among its backers.
Delhivery would add to a strong lineup of Indian startups that are ready to tap the IPO market in the coming months. Paytm, the country’s leader in digital payments, filed its preliminary offering documents last month and could raise as much as 166 billion rupees ($2.2 billion). Flipkart, the Indian e-commerce giant controlled by Walmart Inc., and digital education startup Byju, are also preparing for their first-time share sales, Bloomberg News has reported.
Details of Delhivery’s IPO including size and timeline could still change as deliberations are ongoing, the people said. A representative for the company declined to comment.-Bloomberg
Also read: Who’s making those EV batteries that are catching fire?