- Delhivery Pvt, an Indian logistics and supply chain startup, plans to file a draft prospectus as soon as October for its initial public offering which 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 of next year, said the people who asked not to be identified as the information is private. The offer could include both existing and new shares, one of the people said.
The startup was founded in 2011 and handles over 1.5 million packages a day through its 43,000 strong team across India, according to its website. The startup completed a Series H financing round in June led by Fidelity. It also counts Fosun International Ltd., Tiger Global and Times Internet Limited. among its supporters. Spoton Logistics purchased the Bangalore based Delhivery this week for an undisclosed amount.
Delhivery would add to a strong lineup of Indian startups that are ready for the IPO market in coming months. Paytm, the country's leader in digital payment, filed its preliminary offering documents last month and could raise as much as 166 billion rupees in just 12 hours. Flipkart, the digital giant with Walmart Inc. and Indian education startup Byju, are also getting ready for first-time share sales, Bloomberg News reports.
Details of Delhivery's IPO including size and timeline could still change as deliberations are ongoing, the people said. A representative of the company refused to comment.