The Delhivery IPO won’t be delayed beyond March 2022, CEO Sahil Barua says, adding that the supply chain and logistics startup has substantial cash on its balance sheet.
Sahil Barua, co-founder and chief executive officer, Delhivery. Delhivery is the third venture from SoftBank Group Corp’s India portfolio—after PolicyBazaar and Paytm—that is working towards an IPO in the near term.
Bengaluru | Mumbai:
Delhivery, a new-age logistics and supply-chain startup plans to list in India anytime between December 2021 and March 2022, its co-founder and chief executive Sahil Barua has said.
The company joins a group of late-stage homegrown technology firms that are on course to tap the buoyant public markets. Unless there is a severe third wave of Covid-19 affecting market sentiment, Delhivery is unlikely to postpone its initial public offering (IPO) timeline, Barua told ET in an exclusive interview.
Constituted a board sub-committee for its IPO
This is the first time the management of Delhivery has specified a definite time frame for its IPO.
The logistics tech company has constituted a board sub-committee for its IPO and mergers and acquisitions in January. “We are going into a public listing sitting on $550 million in cash and we don’t burn money,” said Barua, formerly a consultant at Bain.
He teamed up with Kapil Bharti, Suraj Saharan, Mohit Tandon and Bhavesh Manglani to set up Delhivery in 2011. Tandon and Manglani left the company earlier this year.
Largest supply-chain company
Delhivery has emerged as the largest supply-chain company in the country by revenue, according to Sandeep Barasia, managing director and chief business officer, Delhivery. He told ET that the Gurugram-headquartered firm had clocked revenues of more than Rs 3,700 crore in 2020-21.
Rival Blue Dart registered revenues of around Rs 3,280 crore in the same period, according to stock exchange filings. The audited financials for FY21 for the company are yet to be available with Registrar of Companies.
Talking about the rush of internet startups looking to go public, Barasia said he expects adequate interest as public market investors typically don’t plough all their money into one company in a sector. “We are a confluence between online and offline. We are one of the best ways to play the India online story,” said Barasia, who is confident the company will grow annually by 50-55% “in the near future.”
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