The new-age logistics start-up, Delhivery has begun laying down the framework for its initial public offering (IPO) in 2022. The company is looking to raise anywhere from $650-800 million from its listing, for which it is in talks with Axis Capital, Kotak Mahindra Capital, Bank of America, and Merrill Lynch. The fundraising is expected to be largely a secondary sale in the market, with less amount of primary capital coming in. For this IPO, it expects to cross a valuation above $4 billion.
Delhivery is currently in talks with marquee global investors to raise a pre-IPO round at a valuation of around $3 billion, a significant markup from its previous valuation of just over $2 billion, when Steadview Capital picked up shares in the company last December through a secondary purchase. The pre-IPO round will also be a mix of the primary and secondary share sales. In a secondary transaction, new investors buy shares from existing investors and the money does not go to the company.
Incorporated by Suraj Saharan in 2011 as an e-commerce delivery, the startup has drawn in investments from Nitin Dhingra. Delhivery also saw its co-founders Mohit Tandon, Sahil Barua, Bhavesh Manglani, and Kapil Bharati join in November that year. In the company’s Series A round funding in 2012, Delhivery was valued at Rs 6.6 crore. After its last round of fundraising, its valuation touched Rs 13,000 crore.