Tiger Global's Internet Fund III sells Delhivery shares worth Rs 387 Cr
The sell-off comes a month after Softbank, a major investor in Delhivery, offloaded shares worth Rs 954 crore or a 3.85% stake.
Internet Fund III has sold shares worth Rs 387 crore in logistics company through a bulk deal. The sell-off comes only a month after Softbank, a major investor in the firm, sold a 3.85% stake—or 2.8 crore shares—worth Rs 954 crore.
The venture capital fund managed by Tiger Global Management sold 1.17 crore equity shares or 1.61% stake in the Gurugram-based logistics company, as per bulk deals data available on BSE. The shares were sold at a price of Rs 330 apiece.
Tiger Global, in February this year, had sold 1.23 crore shares in Delhivery to raise Rs 414 crore. It had a 4.68% stake in the company in December 2022.
Delhivery's share price on Tuesday ended at Rs 331, gaining 0.93%. However, the company’s share price is trading much below the IPO price of Rs 487, indicating cautious investor sentiment on new-age internet-led companies. Shares of , , and are also trading much below the respective IPO prices.
For the December quarter, Delhivery recorded a drop of 8% in its revenue to Rs 1,823.8 crore from Rs 1,995 crore a year ago. The company's net loss rose to Rs 196.5 crore from Rs 126.5 crore in the same period of the previous fiscal, while Delhivery's total expenses reduced marginally to Rs 2,125.7 crore from Rs 2,155 crore.
The company granted 23,095 stock options at a face value of Re 1 a piece to eligible employees under Delhivery Employees Stock Option Plan 2012 (ESOP 2012) w.e.f. March 1 this year.
In December 2022, the logistics firm acquired Pune-based supply chain technology company Algorhythm Tech to enhance its supply chain system and optimise costs in service delivery.
Edited by Kanishk Singh