Tiger Global sells 2.8% stake in Delhivery via open market
The venture capital funds managed by Tiger Global Management have sold over two crore equity shares of Delhivery.
US-based investment management company has completed an aggregate sale of 20,386,688 equity shares—or 2.80% stake—of via the open market.
Prior to the sale, Tiger Global had a 5.38% stake in the company.
As per the filings with BSE, the venture capital funds, Internet Fund III and Tiger Global Investments Fund, managed by Tiger Global Management, have sold 19,288,238 and 1,098,450 equity shares, respectively.
Post the sale, Internet Fund III now holds 2.55% of the total shares or 18,605,462 equity shares.
Delhivery ended Friday 1.29% higher at Rs 350.15 per share on BSE, on a day the benchmark Sensex index shed nearly 142 points.
Delhivery is an integrated logistics services provider. With a nationwide network covering over 18,400 pin codes, the company offers a full suite of logistics services such as express parcel transportation, PTL freight, TL freight, cross-border, supply chain, and technology services.
The company claims to have fulfilled over 1.7 billion shipments since inception and presently, works with over 28,000 customers, including large and small ecommerce participants, SMEs, and other enterprises and brands.
For the December quarter, Delhivery reported a net loss of Rs 196 crore compared to a loss of Rs 126.5 crore in the previous year. The company posted a loss for the fifth consecutive quarter.
The logistics unicorn also recently scaled its engagement with many D2C brands, including casual wear brand The Souled Store and home-decor company Nestasia, through its full suite of integrated services designed to meet evolving customer requirements.
The company's supply chain solutions, combined with warehousing and transportation solutions, are aimed at providing comprehensive and integrated multi-channel order fulfilment solutions and better visibility over the supply chain through a single, technology-enabled platform.
In December, Delhivery announced acquiring Pune-based supply chain technology company Algorhythm.
(The copy was updated for clarity on Tiger Global's stake.)
Edited by Kanishk Singh