Corporate Review

Delhivery issues bonus shares ahead of IPO

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Delhivery issues bonus shares ahead of IPO

India’s logistic industry’s unicorn, Delhivery has issued bonus shares to 90 shareholders, including individuals and entities as recipients.

The source, the draft prospectus filings to the Ministry of Corporate Affairs has been accessed by ET. The regulatory document also supports the company statement that it had in an extraordinary general meeting (EGM) held on September 29 decided to allot 16.8 million bonus shares to equity shareholders in the ratio 9:1.

The company said in the regulatory filings that, “…1,68,46,803 shares of Rs 10 each fully paid up with distinctive numbers:
from 18,71,868 to 1,87,18,670 bonus shares (will be allotted) to the existing equity shareholders of the company, whose names appear in the register of members of the Company as on September 28, 2021.”

The EGM also passed a resolution to allot more stock options under the Esops scheme to eligible past and current employees.

The company is also looking to adjust its compulsorily convertible preference shares (CCPS) in the ratio of 10:1, or 10 equity shares of Rs 10 each for every CCPS of Rs 100 each held by such CCPS holder, pursuant to such bonus issuance, the filings showed. (Source: ET)

Headquartered at Gurugram (formerly Gurgaon), Delhivery was founded in the year 2011 by Kapil Bharati, Mohit Tandon, Sahil Barua, Suraj Saharan, and Bhavesh Manglani. Valued at $3 Bn, the company has raised a total funding of $1.3Bn.

Expertise

Backed by Times Internet Pvt. Ltd., Delhivery holds specialization across last-mile delivery, third-party and transit warehousing, reverse logistics, payment collection, vendor-to-warehouse, and vendor-to-customer shipping, and other supply chain services.

Over the years, Delhivery has created its distinct brand image. Started with 5 employees, Delhivery today is a home to over 43000 people and enjoys strategic presence across 13+ countries.

Becoming a ‘Unicorn’

Delhivery became a Unicorn in 2019 when it raised $413 million in a Series F round led by SoftBank Vision Fund, Carlyle Group and Fosun International. The valuation numbered $1.5 billion at that time which currently stands at more than $3 billion.

Funding and Investments

Delhivery has raised a total of $1.39B funding in 14 rounds. In September 2021, the company raised around $125 million invested by Lee Fixel, the former partner at New York-based investment firm Tiger Global through his fund Addition. The company also witnessed funds equal to Rs 558 crores ($76.34 million) in the previous round dated September 6, 2021.

DateStageAmountInvestors
April 2012Series A$1.5 millionTimes Internet Limited
September 30, 2013Series B$5 millionNexus Venture Partners
September 8, 2014Series C$35 millionMultiples Alternate Asset Management Private Limited
May 6, 2015Series D$85 millionTiger Global Management
March 23, 2017Series E$100 millionCarlyle Group, Tiger Global, Fosun
May 22, 2017Series E$30 millionFosun International
March 24 2019Series F$413 millionSoftBank Vision Fund, Carlyle Group, Fosun International
June 17, 2019Secondary Market$150 millionCanada Pension Plan Investment Board
September 9, 2019Secondary Market$115 millionCanada Pension Plan Investment Board
December 15, 2020Secondary Market$25 millionSteadview Capital
May 30, 2021Series H$277 millionFidelity Investments
July 16, 2021$100 millionFedEx Express
September 6, 2021Series I$76.34 millionLee Fixel’s Addition LLC
September 24, 2021$125 millionLee Fixel’s Addition LLC

The logistics giant has allotted 146,961 Series I Compulsory Convertible Preference shares (CCPS) to Addition LLC valued at Rs 37, 900 per share, according to the MCA filings of the brand as of September 6, 2021.

Delhivery claimed its FY2020 turnover to be INR 2800 crore and has plans to reach INR 6000 – INR 7000 crore in the next two years. The company claims to have successfully fulfilled over 1 billion orders to more than 525 million households across India. Nestling 20 automated sort centers, 67+ fulfilment centers, 68+ hubs, 2300+ direct delivery centers, 7000+ partner centers and 43000+ team members make it possible to deliver over 1.5M packages a day, 24 hours a day, 7 days a week, 365 days a year for the logistics disruptor. Delhivery is also building some of the Country’s Largest Trucking Terminals at key locations in Delhi, Mumbai, Bangalore, Hyderabad, Kolkata and Chennai.

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